The Court of First Instance has allowed the confiscation of $14.8 million in assets connected with an international "boiler room" fraud syndicate. This is the first non-drugs case using the Absconder Proceedings of the Organised & Serious Crimes Ordinance and is also the largest confiscation to date under that law.

After a four-year Police investigation, an application was made using absconder proceedings under the ordinance.

The syndicate, active since 1997, was based in Manila and later Bangkok. It targeted victims worldwide using cold calls and pressure sale tactics to sell bogus share investment schemes.

They used numerous offshore nominee companies with bank accounts in Hong Kong to launder the proceeds. Their activities were stopped following joint action by the Philippines Securities & Exchange Commission and Hong Kong Police in mid 2001.