ProCap International securities fraud warning from Hong Kong
ProCap International has received a securities fraud warning from Hong Kong.
As per the Securities and Future Commission’s April 8th warning, ProCap
offer investors very high guaranteed returns at a rate ranging from 6% to 42% per month when investors engage in prediction games, together with other benefits including referral incentives.
Hong Kong investors may have been the target of these investment products promoted by ProCap and none of them have been authorised by the SFC for offering to the Hong Kong public.
The SFC also notes that Hong Kong public could access information regarding these products via the internet.
As a result, the SFC posted these investment products and their related information on the SFC’s Suspicious Investment Products Alert List on 8 April 2024.
On this note, the SFC would like to caution the public against investing in any non-SFC authorised investment products. \
Since these products are not authorised by the SFC, investors have very limited or no protection and may lose all their investments.
Under Hong Kong law, collect investment schemes are required to be registered with the SFC under Hong Kong’s Securities and Future Ordinance law.
ProCap focusing promotional efforts in Hong Kong is possibly a pivot following an ongoing regulatory crackdown in the Philippines.
As of March 2024, SimilarWeb still tracked the majority of ProCap website traffic coming from the Philippines. Whether promotional efforts in Hong Kong have since taken off is unclear.
ProCap pitches investors on passive returns of up to 42% a month.
The Ponzi scheme is believed to be run by Chinese nationals operating out of Singapore.