CHINA: 12 arrested in Hong Kong over stock scheme fraud.


Hong Kong police arrested 12 people over stock scheme fraud, that duped investors on social media, who are into buying of shares at inflated prices before the stock was dumped.

The stock that figured in the Hong Kong scam were listed on the main , and Gem boards of the city city’s exchange and general drew little investors interest soon after their IPOs, Alder said

Hong Kong this week in a joint investigation by police and the Securities and Futures Commission (SFC) led to the arrests, although no formal charges have yet been made, and the freezing of assets of up to HK$900 million.

“Our estimate is there is a large number of victims but many of those victims might not want to come forward because they might feel embarrassed about being duped in this way,” Ashley Alder, the chief executive of SFC, told a news conference