Two men have been arrested by police on suspicion of conspiracy to defraud. One of them is believed to be Wong Ching-kit, known as Coin Young Master for his links to cryptocurrency. He was also the man suspected of throwing money in Sham Shui Po last year, RTHK reports.
The pair allegedly made false claims at investment seminars and on social media.
The money involved exceeds HK$2.6 million. One alleged victim claims to have lost HK$1.1 million dollars as a result of their action.
Five million dollars worth of assets belonging to the company linked to the pair have been frozen.
Computers and documents were seized.