Firm raided over pyramid sales scam

PUBLISHED : Saturday, 23 December, 2000, 12:00am
UPDATED : Saturday, 23 December, 2000, 12:00am

A Yau Ma Tei company alleged to have operated a pyramid selling fraud was raided by detectives yesterday. Computers and disks said to contain details of about 2,000 customers were seized from Cheung Wo International Group (HK) in Nathan Road. Police said victims were asked to pay $3,500 for a share in a property investment. They were told that the more investors they recruited, the higher the dividends they would receive.

Company assets of $1.2 million cash and two flats worth $5 million were frozen. The alleged company boss and four employees were arrested. Six people held over another alleged pyramid scam this week were released on bail.


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