In 1928 Carvalho Yeo was accused of stealing more than a quarter of a million dollars from the Government Treasury through an elaborate cheque fraud. Yeo was traced to Shanghai and brought back to Hong Kong, where, after a sensational trial before the Supreme Court, he was convicted and sentenced to 10 years’ imprisonment. His actions exposed chaotic management in the Treasury and brought into question the competence of senior government officials. Carvalho Yeo was a man of ‘mysterious antecedents and doubtful nationality’ – a criminal wanted by police in other Asian cities before he came to Hong Kong. Possibly of ‘Sino-Siamese’ origins, he presented himself by turns as a Chinese, a Portuguese, and a British subject, and deployed various aliases, fictional partners, and fake companies to carry out his plans. His story fascinated the Hong Kong public as much as it embarrassed the authorities. The chapter asks what Yeo’s manipulation of identities tells us about relations between the communities in early twentieth-century Hong Kong and suggests that, while racial divides were real and often rigid, individual choices sometimes challenged this rigidity, even – as in Carvalho Yeo’s case – to the point of making a farce out of the divides.