Police arrest seven over ‘HK$110 mn funding rip-off’

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Police arrest seven over ‘HK$110 mn funding rip-off’

Police arrest seven over ‘HK$110 mn funding rip-off’

Police said they’ve arrested seven other folks for his or her suspected involvement in an funding rip-off intelligent HK$110 million.

Officers said the seven relish allegedly duped as a minimal 182 victims into investing in projects intelligent low possibility nonetheless attracting high returns, equivalent to constructing elderly care homes.

They command the alleged scammers of direction commenced work on some projects to assemble them seem legitimate, and gave the traders excursions to these web sites.

The alleged victims had been instructed they’d change into company directors, and must peaceful relish returns of as a lot as 70 p.c, the force said.

Many of the victims are said to be retirees or specialists who had been racy to prolong their savings.

One of them lost as a lot as HK$5.7 million.

The force instructed other folks to be extra vigilant sooner than making investments.

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