Police have arrested seven men and two women, including the chairman and some directors of a listed company, for false accounting and fraud involving $1.5 billion.

In June 2003, Police received a report from the Securities & Futures Commission concerning malpractice of the listed company.

Between February and April 2001, the listed company allegedly conspired with other syndicated companies to engage in gold and jewelry retail outlets throughout Mainland.

They ran a suspicious bogus investment plan by manipulating accounting principles in their annual financial reports.

Commercial Crime Bureau officers made the nine arrests at several locations in the territory, including the listed company's office in Western District.