Seven people, including the chairman and an executive director of a listed company, have been arrested by the Independent Commission Against Corruption (ICAC) in connection with a fraud case.

“The investigation revealed that the chairman of the listed company and other individuals had allegedly falsified business documents and accounting records of the company's subsidiaries in Hong Kong and Macau, while the company's trade receivables totalling over MOP$113 million (about HK$110 million) were reduced,” the ICAC said in a statement on Wednesday.

“Meanwhile, the individuals concerned had also allegedly used false documents and accounting records to conceal the misappropriation of the company's funds over HK$9 million.”

The anti-graft body said it had teamed up with the Securities and Futures Commission to search six premises earlier this week and arrested the seven individuals involved.

The arrestees had allegedly committed the offence of agent using documents with intent to deceive his principal under the Prevention of Bribery Ordinance.

Macau police also searched the company's offices in Macau and interviewed individuals as part of their investigation.

The ICAC added the investigation was ongoing and it would not make further comments on the case.