Summary
Hong Kong police have managed to take down a notorious fraud syndicate responsible for stealing HK $360 million using romance scams connected to cryptocurrency platforms. The arrested 27 people revealed how they used deepfake and digital media expertise to fool victims across Asia.
Hong Kong police reported that they have dismantled a cross-border fraud syndicate, arresting 27 individuals responsible for defrauding victims of HK$360 million through romance scams. The operation targeted a highly organized group operating locally and overseas.
The scam started by first initiating a fake love relationship with the victim and luring them into buying sketchy cryptocurrency platforms, similar to Vietnam case. Most of the victims were men, scammers used deepfake to change their appearance and made video calls to convince them to invest into their platforms. The fraud ring produced a “training manual” in Chinese and English, teaching scammers different deception techniques. Arrested individuals’ ages ranged from 21 to 34, with several holding academic qualifications.
They operated from an industrial building Hung Hom for about a year, the group hired university graduates, especially from digital media, to serve as technology experts. The fraudulent platform ran like a legit business. Police seized over 100 phones, computers and luxury watches during the raid.
This case shows how cybercrime involving cryptocurrency and artificial intelligence are becoming more common lately.