The Independent Commission Against Corruption has arrested 29 people for alleged bribery in relation to suspected fraudulent trading of derivative warrants.

They include an investment firm director, four warrants issuers traders, six investment firm stockbrokers and 18 director's associates. Suspected bribe money of more than  $2 million was seized.

The director, who is thought to be the mastermind, allegedly offered the traders advantages in return for favourable prices in the derivative warrants transactions. 

The director arranged people to set up stock-investment accounts in Hong Kong and offices overseas. The overseas office staff contacted the Hong Kong staff for transactions.

The suspected scam was believed to have operated for two years, with average daily turnover ranging from $10 million to $100 million.