Police said they have arrested seven people for their suspected involvement in an investment scam involving HK$110 million.
Officers said the seven have allegedly duped at least 182 victims into investing in projects involving low risk but attracting high returns, such as setting up elderly care homes.
They say the alleged scammers actually commenced work on some projects to make them seem legitimate, and gave the investors tours to these sites.
The alleged victims were told they’d become company directors, and could enjoy returns of up to 70 percent, the force said.
Most of the victims are said to be retirees or professionals who were eager to increase their savings.
One of them lost as much as HK$5.7 million.
The force urged people to be extra vigilant before making investments.