Authorities said on Sunday that the suspects, aged between 25 and 36, pretended to run a professional investment firm despite having no experience in the financial industry. They rented office space in busy commercial areas to appear legitimate.
The scam came to light after a victim reported the suspicious scheme to police on Friday. The man said he had received a phone call in October offering a "high-reward, low-risk" investment in London gold trading.
According to Chief Inspector Nicholas Yuen Ho-ting, the victim transferred HK$1.9 million over nine transactions between October and April. He initially received a HK$50,000 payout but was later asked to pay various fees, including administrative charges and security deposits. In the end, he could not recover HK$1.85 million.
Following the complaint, police arrested a 25-year-old man in Yuen Long on Friday. Later the same day, they detained two more suspects, aged 25 and 36, near an office on Shing Yip Street in Kwun Tong.
Inside the office, officers found communication devices, computers, smartphones, investment contracts, scripts, receipts, and fake investment records.
Police said investigations are ongoing and urged the public to be cautious about offers that promise high returns with low risk.
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