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Two arrested in HK$10.4m subsidy scheme fraud case
The Hong Kong Police Force said on Tuesday that they arrested two women accused of using bogus information to commit subsidy scheme fraud to the tune of HK$10.4 million.
The suspects, aged 70 and 47, were arrested yesterday in Sheung Shui and Sha Tin, respectively.
The government launched the 100 Percent Personal Loan Guarantee Scheme to provide financial assistance to companies under the fourth wave of the epidemic in 2020.
Under the scheme operated by Hong Kong Mortgage Corporation Limited, companies could qualify for loan facilities amounting to HK$9 million or a total amount of employee wages and rents for twenty-seven months.
Police said their initial investigation revealed that the suspected fraud involved two companies obtaining a loan of around HK$10.4 million.
The companies were said to have used mostly false documents with fake payroll records and banking information to apply for loans from multiple local banks between February 2021 to February 2022.
Police said the investigation was still underway and that further arrests had not been ruled out.
From the scheme in effect since April 2020, more than 53,000 loans were approved involving HK$99 billion, and 32,000 enterprises benefited from the scheme, according to the Hong Kong Mortgage Corporation Limited.
The government launched the 100 Percent Personal Loan Guarantee Scheme to provide financial assistance to companies under the fourth wave of the epidemic in 2020.
Under the scheme operated by Hong Kong Mortgage Corporation Limited, companies could qualify for loan facilities amounting to HK$9 million or a total amount of employee wages and rents for twenty-seven months.
Police said their initial investigation revealed that the suspected fraud involved two companies obtaining a loan of around HK$10.4 million.
The companies were said to have used mostly false documents with fake payroll records and banking information to apply for loans from multiple local banks between February 2021 to February 2022.
Police said the investigation was still underway and that further arrests had not been ruled out.
From the scheme in effect since April 2020, more than 53,000 loans were approved involving HK$99 billion, and 32,000 enterprises benefited from the scheme, according to the Hong Kong Mortgage Corporation Limited.
