The force said on Sunday that the suspects, aged 25 to 36, lacked experience in the financial sector and rented offices in bustling commercial districts to create the appearance of a professional investment firm.
The syndicate managed to lure at least seven victims in about a year, with total losses estimated at HK$4 million.
The police operation was triggered by a member of the public alerting authorities on Friday to a suspicious investment scheme.
The complainant reported that he had received a call last October inviting him to join in a high-reward, low-risk investment opportunity in London gold trading.
Over nine occasions from October to April, he transferred HK$1.9 million to two local men around Kau Yuk Road in Yuen Long, Chief Inspector Nicholas Yuen Ho-ting said.
