Police arrest seven over ‘HK$110 mn funding scam’
Police said they’ve arrested seven of us for their suspected involvement in an funding scam sharp HK$110 million.
Officers said the seven have confidence allegedly duped a minimal of 182 victims into investing in projects sharp low possibility however attracting excessive returns, equivalent to surroundings up elderly care homes.
They relate the alleged scammers truly commenced work on some projects to manufacture them seem legitimate, and gave the investors tours to these sites.
The alleged victims were told they’d change into company administrators, and may maybe well expertise returns of as much as 70 percent, the force said.
Lots of the victims are said to be retirees or mavens who were desirous to amplify their financial savings.
One in all them misplaced as great as HK$5.7 million.
The force entreated of us to be extra vigilant earlier than making investments.
