(CNN) Hong Kong police have arrested 14 people who allegedly defrauded seven victims of $80 million -- including an 85-year-old man who lost upwards of $73.9 million.

The group is accused of operating a fake investment firm which allegedly induced victims to hand over huge amounts of cash, ostensibly for investing in gold and other commodities.

Police said 12 men and two women were arrested after a months-long investigation into a scheme known as the "London Gold" scam.

After being cold-called or contacted on social media, the victims were allegedly encouraged to authorize investment in the precious metal on the London commodities market, along with other investment products. The company allegedly later told victims that their investments had failed.

Citizens of Hong Kong, Taiwan, the United States, Australia, Canada and New Zealand were among the victims, the South China Morning Post reported

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