Jamie Liu

A foreigner lost more than HK$70 million in a cryptocurrency scam, police said yesterday, after arresting a total of 54 people in a crackdown on fraud and money laundering.

In a press briefing, police said they have busted 45 cases related to scams of online investment, jobs, purchases and others, involving a total of HK$194 million in victim money.

Senior inspector Kwan Chi-chung from the Yau Tsim district technology and financial crime squad said, in the biggest case, a foreigner was swindled out of HK$72 million after being lured into investing in cryptocurrency.

Two mainland women in their 30s were later arrested and brought before the Kowloon City…