Police have arrested a 37-year-old woman for conspiracy to swindle $460,000 in loans from a Student Financial Assistance Agency.

Officers raided the Tsim Sha Tsui fitness and beauty centre she worked in at midday yesterday, and arrested her. It is believed she persuaded five women, aged 20 and 36, to submit claim forms to enrol in courses. Between June and October last year, she also allegedly persuaded the students to enrol in a fictitious course and falsified attendance records.

She has been released on $10,000 bail.