Police said on Sunday that they had busted a phone-scam syndicate which had allegedly swindled a total of HK$4.5 million out of 95 people this year.

Eleven males and a woman, all of them aged between 15 and 34, were arrested on suspicion of conspiracy to defraud.

Chief inspector Ng Man-ho told a press briefing that the suspects include core members of the group, as well as young students who were recruited as “couriers” to collect money from victims.

Ng said the suspects had allegedly posed as bank staff and talked some victims into transferring money as collateral for low-interest loans.

He said the alleged fraudsters also staged the so-called “guess who I am” scheme, by pretending to be relatives of the victims and claiming they were being detained and needed cash to be bailed out.

The victims were aged between 21 and 89.

Police said officers also raided a party room that they believed was used as a centre to recruit scammers, where air pistols, hammers, metal rods and drugs were seized.