Hong Kong police arrested three men and one woman, aged between 30 and 42, on suspicion of conspiracy to defraud in connection with an alleged mortgage scheme involving more than HK$70 million. The arrests were made by the Commercial Crime Bureau.
Police allege that, between 2021 and 2023, the suspects and others set up shell companies and produced false payroll, income and employment records. The documents were allegedly used to inflate applicants’ earnings so they appeared able to repay loans for one residential property from three financial institutions.
Officers searched several locations, including company offices and the suspects’ homes. They seized mobile phones, computers, company and bank records, and company seals allegedly used to produce false income documents.
The four were arrested on October 6 and remained in custody for questioning; police said further arrests were possible.