Police said on Friday that it had dissolved a scam syndicate that had allegedly cheated banks out of HK$85 million in credit card fraud.
Officers arrested 24 people, aged 23 to 67 – including the mastermind and core members of the group – on suspicion of conspiracy to defraud and money laundering.
Police said the syndicate had allegedly set up a number of shell companies, and recruited some “puppets” to make credit card transactions to the companies.
The companies then cashed out the payments but the “puppets” never repaid their credit card debts in full, the police said, adding some of them even went bankrupt.
The alleged crimes happened between January 2019 and July last year.
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