Police have arrested a son of Hang Seng Bank's founder for allegedly using a fake bank guarantee to try to dupe investors into financing construction of a bridge between Hong Kong and Macau.
The Commercial Crime Bureau's C Section, which investigates counterfeiting and forgery, alleges Rogerio Lam Sau-fung used a false guarantee for US$600 million (HK$4.67 billion) to try to defraud international investors.
His arrest followed an international investigation that involved Interpol and also saw the arrest in June of two German businessmen in Monaco, one of Europe's financial centres. The Germans allegedly tried to pass off a fake bank guarantee.
Officers from the Commercial Crime Bureau arrested Lam at the Ritz Carlton Hotel in Central on Wednesday along with another Hong Kong resident, believed to be in his 60s, whose identity was not disclosed.
Detective Senior Inspector Mike Sharp, of the bureau, said: 'I can confirm that Rogerio Lam was arrested at the Ritz Carlton Hotel on Wednesday and has now been released on police bail.'
Mr Sharp said Lam was arrested for allegedly using a 'false instrument' - the fake bank guarantee for US$600 million.
'We were informed about this by a Hong Kong bank and subsequently received a message from Monaco at the end of May,' he said.