Hong Kong police have arrested 69 people linked to a syndicate suspected of laundering about HK$200 million (US$25.5 million) from cross-border investment fraud affecting more than 170 victims.The force said on Tuesday that 54 men and 15 women, aged between 18 and 60, were arrested on Monday in a joint operation with mainland Chinese authorities for money laundering, involving “mule” bank accounts.Losses from investment scams in Hong Kong reached HK$920 million between January and March, a 17 per cent year-on-year increase, a situation that “warrants more attention”, according to Yip Kai-ming, senior inspector of the of the Anti-Deception Coordination Centre under the force’s commercial crime bureau.“A new online friend suddenly encourages you to invest is a red flag for a scam,” Yip said.Police cited a case in May involving an online romance-investment scam, in which a mainland resident was persuaded to download an investment app and invest in cryptocurrency, gold and other assets, with promises of high returns.Yip Kai-ming, senior inspector of the of the Anti-Deception Coordination Centre. Photo: HandoutThe scammers initially paid out about HK$970,000 in fake investment returns, leading the victim to believe the scheme was genuine.