[4] In January 1980, the group, through a 75% owned subsidiary, purchased Gammon House (now Bank of America Tower) in Central District, Hong Kong for HK$998 million.
It grabbed the limelight in April 1980 when it announced the sale of Gammon House for HK$1.68 billion, a high return on investment that surprised Hong Kong's property and financial markets and developed public interest in Carrian.
The group grew rapidly in the early 1980s to include properties in Malaysia, Thailand, Singapore, Philippines, Japan, and the United States.
Following allegations of accounting fraud, a murder of a bank auditor, and the suicide of the firm's adviser, the Carrian Group collapsed in 1983, the largest bankruptcy in Hong Kong.
[6] The scandal and its ultimate downfall eventually exposed the mystery surrounding the seemingly inexhaustible capital that Carrian had as nothing more than loans from banking institutions.