Hong Kong father and son surrender in crypto investor abduction, exposing the city’s violent crime wave and a $1.9 million financial dispute.

A Hong Kong businessman and his son surrendered to police due to their involvement in the kidnapping of a crypto investor, the South China Morning Post has learned, citing sources familiar with the matter.

Authorities arrested the 70-year-old man and his 30-year-old son on suspicion of false imprisonment and assault, with both subjects currently undergoing interrogation, the report says, referring to the Tai Po Police Station. Investigations found that while the suspects were not directly involved in the incident, the car used belonged to the duo.

The businessman reportedly invested approximately HK$15 million (around $1.9 million) in crypto with the help of a woman, “whom he had known through referrals,” the report says. Preliminary investigations found that the businessman allegedly couldn’t retrieve the money, and the woman was occasionally unreachable, which might have resulted in the escalation to criminal actions.

During the kidnapping, the woman’s husband reportedly was assaulted by an unknown individual with a stun gun when he attempted to intervene, resulting in injuries. People familiar with the matter say the police don’t rule out the possibility that a group of “four men was paid to carry out the job.”

The latest incident marks Hong Kong’s second kidnapping within a span of 32 hours, highlighting concerns over rising criminal activities. In early 2024, the Hong Kong Securities and Futures Commission (SFC) revealed a significant increase in crypto-related crimes over the past three years, with cases totaling billions of yuan.