Hong Kong police have arrested five people and recovered nearly HK$100 million (US$12.7 million) in gold stolen in a suspected deception case, in which a buyer allegedly worked as an accomplice of a group that seized the haul before fleeing.

The incident took place at about 2.45pm on Friday at an office in Peninsula Square on Sung On Street in Hung Hom, where a staff member was conducting a gold handover to an alleged buyer.

Police also said a white vehicle intercepted near a toll plaza on North Lantau Highway during initial inquiries was later confirmed to be unrelated.

Chief Inspector Alex Yau Yu-sing of the West Kowloon regional crime unit said on Saturday that the “buyer” that day was later found to be part of the group and had entered the premises under the guise of carrying out a legitimate transaction.

“Due to the client’s request for privacy, other staff members had temporarily left the unit,” Yau said.

“During the handover, several individuals entered the unit and removed the gold.”