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Scammers seek HK$100 million from public for fake scheme to relaunch Hong Kong’s iconic Big Boss nightclub
- The markets watchdog added the scheme to its ‘suspicious investment products alert list’ on Tuesday
- The public should be vigilant and sceptical about ‘too-good-to-be-true’ investment opportunities, SFC says
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Hong Kong’s market regulator has warned the public to beware of a suspected investment scam in which fraudsters claim they are trying to raise the funds to relaunch one of the city’s iconic nightclubs.
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“It appears that a company [purportedly] operating Big Boss Night Club, or New Big Boss Night Club, intends to raise a total of HK$100 million (US$12.8 million) by inviting the public in Hong Kong to subscribe for 50 per cent of its share capital,” the Securities and Futures Commission said in a scam alert posted on its website.
The watchdog added the Big Boss Club investment plan to its “suspicious investment products alert list” on Tuesday and urged the public to be aware that it has not granted approval for the scheme.
“The public should be vigilant and sceptical about ‘too-good-to-be-true’ investment opportunities when making investment decisions,” it said. “The SFC will take all appropriate actions where there is any breach of the law.”
The now-defunct Club Bboss, whose Chinese name literally means Big Boss Club, was a Tsim Sha Tsui East landmark. It occupied 70,000 square feet in New Mandarin Plaza and had a dance floor big enough for 400 revellers.
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At its peak, the exclusive venue provided clients with Rolls-Royces and local hostesses fluent in English and Japanese who provided “hourly conversation services.”
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