The force said it received a report on Thursday from a 46-year-old man, who said he had traded Tether coins four times involving a total of HK$1.4 million with a person he knew from a cryptocurrency trading group on WeChat.

The victim then accompanied a woman who claimed to be an agent for an exchange office to a location in Kwun Tong to make a fifth trade, this time buying Tether, and handed over HK$1 million in cash to a man.

The man allegedly asked other purported employees to take the money out of the office and claimed he had already transferred the cryptocurrency to the electronic wallet of the victim’s agent.

The victim suspected he had been scammed and alerted police.

Officers arrested a 56-year-old woman and a 53-year-old man later in the day.