Hong Kong police have detained three men in a crackdown on a syndicate that defrauded at least seven victims of HK$4 million (US$512,820) in a London gold trading scam.
Advertisement
The force said on Sunday that the suspects, aged 25 to 36, lacked experience in the financial sector and rented offices in bustling commercial districts to create the appearance of a professional investment firm.
The syndicate managed to lure at least seven victims in about a year, with total losses estimated at HK$4 million.
The police operation was triggered by a member of the public alerting authorities on Friday to a suspicious investment scheme.
The complainant reported that he had received a call last October inviting him to join in a high-reward, low-risk investment opportunity in London gold trading.
Over nine occasions from October to April, he transferred HK$1.9 million to two local men around Kau Yuk Road in Yuen Long, Chief Inspector Nicholas Yuen Ho-ting said.