Two Arrested In HK$4.6mn 'money-lending Scam'

Police have arrested two people accused of cheating HK$4.6 million from at least four victims in a suspected money-lending scam.

They say the victims were tricked into handing over large sums of money ranging from HK$700,000 to HK$1.5 million to the alleged fraudsters who had claimed to be employees of banks or financial intermediaries, before they disappeared.

Police say the victims were first contacted via cold calls and offered low-interest, high-value loans.

They then met up with the alleged scammers at a Tsim Sha Tsui office, police say, before heading to genuine banks or moneylenders together to take out large loans.

Afterwards, they were said to have been convinced to hand over the money, purportedly to set up new bank accounts that would enable them to take out even larger loans.

The suspected scammers then disappeared with the money, and even shut down their office, officers say.

Inspector Chong Tak-him said officers managed to track down two suspects – a man and a woman, both aged 44 – at a flat in Tin Shui Wai on Wednesday, where they were arrested on suspicion of conspiracy to cheat and defraud.

Officers also seized loan documents thought to be connected with the case.

Chong said initial investigations suggest the female suspect is the registered director of a financial intermediary, while the man is a former director.

Police believe both are key players in the suspected scam, but aren’t ruling out further arrests as investigations continue. They believe there more victims who have yet to come forward.