Hong Kong police have arrested three men linked to a fraudulent gold investment scheme that scammed at least seven individuals out of HK$4 million (US$512,820). The suspects, aged between 25 and 36, were part of a syndicate that posed as a legitimate investment firm by renting offices in busy commercial districts, according to authorities.
The operation was led by Chief Inspector Nicholas Yuen Ho-ting. He revealed that the suspects had no background in finance but used the office setup to create a false image of professionalism.
The investigation began after a concerned citizen reported a suspicious investment opportunity on Friday. The complainant had received a cold call in October promoting a supposedly low-risk, high-return investment in London gold trading.
Between October and April, the victim transferred HK$1.9 million over nine transactions to two local men operating around Kau Yuk Road in Yuen Long. Although the victim initially received a small return of HK$50,000, the syndicate soon demanded additional fees under various pretexts, ultimately withholding HK$1.85 million.
Following the complaint, police arrested a 25-year-old suspect in Yuen Long on Friday. Two more suspects, aged 25 and 36, were apprehended the same day near an office on Shing Yip Street in Kwun Tong.
Inside the office, police discovered mobile phones, computers, scripts, contracts, receipts, and falsified investment documents. Authorities continue to investigate whether more victims or syndicate members are involved.
