MANILA Philippine police detained nine foreigners and 15 Filipinos on Tuesday for allegedly engaging in the illegal sale of mutual funds and stocks of foreign companies.

The foreigners taken in for questioning included four British nationals and a Canadian, Police Chief Superintendent Nestorio Gualberto told reporters.

According to Reuters, police took the 24 into custody during a raid on the group's offices in Manila's Makati financial district.

Gualberto said members of the group would contact potential investors in Japan, Taiwan, Singapore, Australia, New Zealand and South Africa and entice them into buying mutual funds and foreign securities.

When clients demanded a return of their investments, the group would disconnect its telephone lines and shift its operations elsewhere, police said.

Earlier this month, police arrested 15 foreigners -- including 10 Britons, two Americans, one Australian and a Canadian -- for allegedly trading in foreign securities without a license, using the Philippines as base for their operations.