Police Arrest 17 Over Mortgage Loan Scam

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2019-03-15 HKT 17:36

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  The police gave a media briefing explaining how the scam worked. Photo: RTHK

Police have arrested 17 people, including staff from financial intermediaries and a money lender, in connection with a mortgage fraud scheme.

Officers said the fraudsters tricked more than 90 people over the past two years into taking out unnecessary loans.

Victims were told that there were problems with their existing mortgages, and they had to settle their old loans by taking out new ones.

Many were talked into taking out more money than necessary to cover their existing mortgages, police said, and the fraudsters made off with the difference after settling the old loans.

In some cases, the entire new loan was stolen.

Superintendent Chan Tin-chu from the Commercial Crime Bureau said people who were seeking financial help were targeted.

A director of a financial company was among those arrested.