Police have arrested 23 people in connection with a $30 million pyramid selling scheme fraud.

Officers raided three companies in Mong Kok, Yau Ma Tei and Tsim Sha Tsui today, arresting 14 women and nine men, aged 19 to 55, for conspiracy to defraud, and seizing $3 million. Two of the men and two women are believed to be the core members.

The three companies are believed to have lured investors into making cash planting investments before deceiving them of their money. Police said the companies expanded operations into Guangdong, and estimate that more than 1,000 people in Hong Kong and the Mainland have fallen victim to the fraud.

Victims were induced to invest money in different plans which the companies claimed would be used to promote sales on products like sheep placenta, heater fans, cosmetics, and wines. Investors were told they could get $900,000 for an investment of $140,000 in 15 months.