Police said on Friday that a woman has reported losing almost HK$17 million in a cryptocurrency scam.

The force said the 56-year-old sought their help on Monday, claiming a man had recommended her to buy HK$8.8 million worth of cryptocurrency through an online app.

She told investigators that she had got acquainted with the man after responding to an investment advertisement she received via online messaging.

Officers added that the scammer later demanded another HK$7.8 million in collateral when the woman asked for the cryptocurrency to be transferred to her.

But the woman said she lost contact with the man after transferring him money from her savings and a loan.

No arrests had been made, police said.