Police have arrested three people over foreign exchange scams, and warn that fraudsters are continuing to target the Chinese community.

Police say they arrested two men and one woman in Auckland on July 19 and charged them with obtaining by deception and money laundering.

"The individuals charged are believed to have defrauded at least six victims in June 2024 through a sophisticated foreign exchange scheme, resulting in a combined loss of over $200,000," a spokesperson for the Police Ethnic Liaison Team says in a statement.

Police have previously warned about these scams, saying that fraudsters posing as individuals urgently needing New Zealand dollars post in WeChat groups and other Chinese social media platforms.

The posts claim that they will buy New Zealand dollars with Chinese yuan at slightly more favourable rates than those offered by banks.

However, after taking cash from the victims and depositing money in their Chinese bank accounts, the suspects report the transfer as fraud, causing their victims' bank accounts to be frozen.

"This scam leaves victims financially compromised and embroiled in complex legal issues," police said.

Police warn the community to be wary of foreign exchange scams.

People should avoid informal exchanges, use registered financial institutions, be wary of unrealistic promises and report suspicious activity.

To report scams to police, ring 105.

-RNZ.