Three people have been arrested on suspicion of using false instruments after they allegedly tried to open a bank account using counterfeit bonds in Mong Kok.

The arrests were made after staff at a bank on Nathan Road lodged a police report on Tuesday morning.

Officers found 1,999 suspected counterfeit bonds, each with a face value of HK$500 million, in the possession of a 72-year-old man.

His companions, a 65-year-old woman and a 75-year-old man, were also arrested.

All three suspects are from the mainland and remain in custody for further investigation.

Officers from the Mong Kok district crime squad are looking into the case.