Hong Kong "BBB Group" agarwood investment suspected as scam, sells off-the-counter stocks and digital assets, police arrest four

On Oct 17 that according to Hong Kong media outlet HK01, the Hong Kong-based "BBB Group" (known in Chinese as Haohao Hao Group) claims to invest in the agarwood industry in Malaysia while selling off-the-counter stocks and digital assets, raising suspicions of a scam. The company stated it would convert its OTC stocks into "digital asset" cryptocurrencies by February 2027 or earlier. It is reported that the Hong Kong Police have received complaints from 21 individuals regarding the investment project, involving an alleged sum of HK$14 million. The Commercial Crime Branch is currently investigating under suspicion of conspiracy to defraud, and four arrests have been made so far.

Meanwhile, according to the official website of the Hong Kong Securities and Futures Commission (SFC), the "Malaysia Agarwood Plantation Investment / Agarwood Tree Scheme / Agarwood Potted Trees / APT4.0" program has been listed as a suspicious investment product.