Four individuals detained in HK$70 million mortgage fraud scheme

Authorities say the four suspects, aged 30 to 42, submitted exaggerated income statements to three banks between 2021 and 2023. By using shell companies, they made lenders believe they could repay large mortgages, leading to approvals that were later deemed fraudulent. Senior inspector Wong Kam-wing explained that the deception involved inflating personal earnings on loan applications. All four remain in custody while investigations continue, and police have not ruled out additional arrests.