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Article: 8 arrested in alleged US$454 million fraud in Hong Kong
- Article from:
- AP Worldstream
- Article date:
- June 13, 2008
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Police raided more than a dozen locations and made eight arrests across Hong Kong as part of a 3.55 billion Hong Kong dollar (US$454 million) fraud probe, authorities said Friday.
Police raided 13 locations in the territory Thursday, police spokeswoman Josephine Cheng said.
Five men and three women were detained on suspicion of conspiring to defraud the shareholders of two listed companies and 18 banks, Cheng said.
Among those arrested was an executive director of jewelry and watch distributor EganaGoldpfeil Holdings Ltd., the company said in a statement filed Friday with the Hong Kong Stock Exchange.
EganaGoldpfeil manufactures timepieces and jewelry for brands ...