Police on Wednesday said they had arrested more than 80 people on suspicion of defrauding banks and money laundering involving almost HK$40 billion.

The force said it arrested 55 men and 27 women aged between 19 and 78 on Tuesday after raiding multiple companies and residences. Cash and goods worth a total of HK$1.13 billion were seized, officers said.

At a press briefing, officers said a triad gang had been involved in various criminal activities, including gambling and illegal lending, with family and friends roped in to help launder the proceeds.

Chief Superintendent Kwan King-pan said among those arrested was a man, 44, suspected of leading the gang.

"The syndicate head did not have any assets under his name, or bank accounts. He also did not declare any income or pay any taxes," he said.

"The assets he owns and controls include multiple luxury flats with a value of over HK$100 million each, luxury cars, watches and imported wine."

Kwan said the force's investigation into the alleged crimes was continuing.