Seven men and a woman have been arrested over an alleged $13 million scam in which they reportedly posed as financial advisers and demanded fees for arranging loans for customers.
The suspects are accused of using bogus letters of credit, bank guarantees and bonds to lure victims into handing over funds.
Commercial Crime Bureau officers launched the operation across the city on Tuesday and yesterday and arrested the eight suspects. They also seized financial documents and illegal drugs.
Investigators alleged the suspects had posed as financial experts and told their victims they could raise funds for them. The group reportedly insisted on being paid upfront fees in return for arranging the loans.
Investigations into the alleged fraud began in July last year, and police have raided 47 addresses across Hong Kong this week as part of the investigation.
Among the items seized were fake bank documents, including standby letters of credit, bank guarantees, US Federal Reserve bonds and promissory notes, according to officers.