Funds from mainland China and Hong Kong investors who joined Hong Kong IPOs through ZD Group have not been repaid on schedule, with the amount involved reaching the billion-hong-kong-dollar range. Hong Kong police said they had received reports from 24 investors as of Aug. 17 and were treating the case as fraud, while the Wan Chai police district’s serious-crime unit investigates. No arrests had been made. Investors were previously told that bank accounts belonging to entities linked to ZD Group had been frozen, preventing withdrawals. Some of the affected money came from mainland investors who traveled across the border to invest in Hong Kong.