Police arrest local man in Ta Kwu Ling, marking tenth suspect seized in London gold scam

Hong Kong police arrested a 26-year-old local man in Ta Kwu Ling on Wednesday, bringing the total number of arrests to ten in connection with a fraudulent London gold investment syndicate.

Another 26-year-old man arrested earlier in the operation has been provisionally charged with one count of conspiracy to defraud and one count of money laundering. He appeared at the Kwun Tong Magistrates' Courts on Thursday morning.

The remaining arrested suspects have been released on bail pending further investigation and are required to report back to the police in late August.

Operating from a 1,500-square-foot commercial office in Kwun Tong, the syndicate specifically targeted victims who had previously suffered financial losses in London gold investments.

The syndicate contacted the victims by phone, falsely claiming they still had idle London gold holdings from previous investments and that rising gold prices had generated substantial profits.

Victims were initially asked to pay limited funds and sign a third-party authorization to retrieve their profits. After payments were made, the syndicate used various excuses, including storage fees, margin calls, and tax payments, to demand more money.

According to police, some members of the syndicate have successfully laundered up to HK$10 million in criminal proceeds since 2025.

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