Three local men were arrested in the last few weeks for allegedly running a Ponzi scheme which they started in 2014 involving at least HK$33 million, a Judiciary Police (PJ) spokesperson said yesterday.
According to the spokesperson, the trio are shareholders of a group of companies which ran a real-estate agency in Macau.
According to Wikipedia, a Ponzi scheme is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
The handout photo provided by the Judiciary Police (PJ) yesterday shows the alleged kingpin of the Ponzi scheme posing in a pressroom at the PJ headquarters earlier this week.
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