A mainland man was robbed of HK$360,000 in cash by six knife-wielding thieves on Thursday after he withdrew the money from an ATM.

Last month, Ming Pao reported that the police had observed a phenomenon of mainland people using multiple bank cards to withdraw large amounts of cash from ATMs in Hong Kong. The newspaper said that they were doing so to avoid transaction costs and evade foreign exchange controls in China.

File Photo: Apple Daily.

Since January 1, the overseas withdrawal limit for those using the Chinese UnionPay service has been limited to 10,000 yuan (HK$12,055) per day, with an annual cap of 100,000 yuan (HK$120,557).

The victim was robbed of a bag containing HK$360,000 in cash, a HK$2,000 jacket and a HK$2,000 mobile phone.

According to unnamed sources cited by Headline Daily, the man lives in Shenzhen and holds a two-way permit. The paper said he often travels Hong Kong to withdraw cash and takes it back to the mainland to profit from exchange rates.

The man was withdrawing cash at an ATM at the intersection between Nathan Road and Saigon Street early Thursday morning, according to Headline Daily. He was carrying around 40 bank cards.

Area near Eaton Hotel. File Photo: WIkimedia Commons.

Six men surrounded him as he left and took his belongings. He reported the case to the police after seeking help at the nearby Eaton Hotel, where he was staying.

The police are reviewing CCTV footage. No one has been arrested.


Kris Cheng

Kris Cheng is a Hong Kong journalist with an interest in local politics. His work has been featured in Washington Post, Public Radio International, Hong Kong Economic Times and others. He has a BSSc in Sociology from the Chinese University of Hong Kong. Kris is HKFP's Editorial Director.