Police said on Monday that 60 people have been arrested in the past two weeks in connection with dozens of suspected fraud cases.

Detectives in Mong Kok said around HK$75 million was believed to have been swindled in total, in 44 alleged scams.

Superintendent Billy Ching said a number of the suspects were arrested on suspicion of lending their bank accounts for money laundering.

Five people were suspected of pretending to be from a construction company and of using fake employment and revenue records to cheat HK$6 million from a bank under the government's 100% loan guarantee scheme.

The scheme was set up to help companies affected by the pandemic.

Five of the other suspects were believed to have swindled HK$5.3 million from a woman, 48, in a cryptocurrency investment scam.