The ICAC has uncovered a syndicate allegedly involved in a $100 million mortgage loan swindle from the China and South Sea Bank.
Corrupt bank employees and a surveyor inflated the prices of nine properties, the Independent Commission Against Corruption said.
Six men and three women were arrested - a former China and South Sea Bank marketing officer and bank manager, three directors and shareholders of five companies, a former director of a surveying firm and three others.
The group, aged between 32 and 44, were released on ICAC bail.
In yesterday's operation, officers found nine watches and jewellery worth more than $400,000 in the marketing officer's bank safe deposit box, the ICAC said. Inquiries revealed he had made bank deposits totalling more than $4 million in 1997.
Officers also found a $30,000 watch at the home of a former branch manager believed to have been given to him by a customer who failed to repay mortgage loans, the ICAC said.
