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Police arrested three men and five women,aged 29 to 52, for conspiracy to defraud in Kowloon Bay yesterday afternoon. They are alleged to have defrauded about 200 victims of more than $2 million.
The eight people were directors and core members of a company at the Hong Kong International Trade & Exhibition Centre in Kowloon Bay.
Between February 2005 and May this year, the gang had conspired to induce their victims into a fraudulent cash-planting scheme.
The 200 victims were each asked to pay about $2,100 to join the scheme for which they would get a $9,200 net reward in an 18-month period. They reportedly lost about $2.16 million.
Police will continue to monitor the activities of pyramid-scheme-related fraud and urge people who have fallen victim to such cash-planting scams or have information to offer, to call Commercial Crime Bureau hotline, 2860 5012.
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