Hong Kong police have detained three employees of a currency exchange store suspected of involvement in fraudulent activities. The arrests came after a customer reported encountering stacks of "hell money" before making a cryptocurrency transfer valued at around HK$1 million.

The suspects, aged between 31 and 34, were apprehended by Hong Kong's technology crime division on Wednesday. During the operation, authorities seized 3,000 hell banknotes, a safe, and a note-counting machine from a store in Tsim Sha Tsui. Hell banknotes, traditionally used in Chinese rituals as offerings, were among the items confiscated.

The investigation began after a 35-year-old man reported on April 12 that he had sold Tether (USDT) worth approximately HK$1 million at a shop in Tsim Sha Tsui but did not receive the cash as agreed upon.

Subsequent inquiries revealed that the suspects had presented stacks of hell banknotes, each with a face value of HK$500, and convinced the victim to transfer the USDT to a cryptocurrency wallet they provided.

Once the suspects received the virtual currency, they failed to fulfill their end of the deal, offering various excuses before leaving the scene, leaving the victim empty-handed.

In Hong Kong, fraud carries a maximum penalty of up to 14 years imprisonment, while individuals charged with obtaining property by deception could face a maximum sentence of 10 years.

Following the incident, authorities have urged residents to exercise caution when engaging in transactions and advised them to choose reputable cryptocurrency exchange stores and carefully inspect banknotes for security features to avoid falling victim to scams.

This incident is part of a series of crypto fraud and scam cases in Hong Kong, including the recent arrest of three teenagers and the rescue of a 19-year-old who was assaulted and unlawfully detained after being lured into a crypto trading scheme. Additionally, a 46-year-old housewife lost HK$7.1 million ($908,000) after being contacted via Instagram and persuaded to invest in a scam platform posing as a legitimate trading platform.