They are accused of luring investors with unsustainable profit claims
A pyramid scheme fraud case involving $7 billion and 14,000 victims - said by police to be the biggest such case in Hong Kong's history - opened in the Court of First Instance yesterday.
Four key suspects, who were in charge of a company registered as Promail International (Hong Kong) Ltd, faced charges of conspiracy to defraud after offering investors annual returns as high as 3,300 per cent.
Those facing trial are the company's managing director, Kwok Chi Kwai, 37; its 33-year-old director, Shee Yip-shing; 28-year-old marketing manager Chan Kei-suen (alias K.K.); and the original planner and boss, 39-year-old Tan Lam-chuen.
The four are accused of falsely telling potential investors that if they invested $3,500 at regular intervals for about 12 months, they would be paid returns of $42,000 each month from the third to the 14th month.
They are also accused of falsely representing the company as being involved in genuine business.