Police have arrested three men and a woman on suspicion of conspiracy to defraud financial institutions in mortgage loan applications totalling more than HK$70 million, the force said on Wednesday.

The four suspects, aged between 30 and 42, were arrested for allegedly submitting inflated income records through shell companies to secure high-value mortgage loans from three financial institutions between 2021 and 2023.

"They exaggerated their personal income on mortgage loan application forms, misleading financial institutions into believing the applicants possessed sufficient repayment capacity, thereby inducing the institutions to approve the loans," senior inspector Wong Kam-wing said.

All four are being detained for investigation.

Police said further arrests could not be ruled out.



Edited by Tony Sabine