Reading Time: 2 minutes
- Hong Kong Police have dismantled a large-scale cross-border fraud, detaining 27 individuals
- The group allegedly used romance scams to defraud victims of over HK$360 million through fake cryptocurrency investments
- Police arrested 21 men and 6 women, aged 21 to 34, and uncovered detailed operations involving local tech graduates and overseas fraudsters
The Hong Kong Police Force (HKPF) has successfully dismantled a cross-border fraud syndicate, detaining 27 suspects believed to have used romance scams to deceive victims into investing in fraudulent cryptocurrency schemes. The operation, which took place on October 9, followed weeks of intelligence gathering and led to the arrest of key members involved in the complex scheme. The fraud center was described as highly organized, with the estimated amount of funds involved exceeding HK$360 million ($46 million).
AI Used to Trick Victims
News of the arrests was revealed through local media, which reported that the criminal organization operated from a 4,000-square-foot industrial unit and used advanced techniques to lure victims. The group recruited local university graduates with technology backgrounds and collaborated with international fraudsters to create fake cryptocurrency platforms.
According to the HKPF, these fake platforms were central to the operation’s success, enabling the group to manipulate victims into making substantial financial investments.
One of the more sophisticated elements of the scam involved the use of artificial intelligence, particularly “deepfake” technology, with police reports stating that the fraudsters used AI-generated video chats to convince victims they were interacting with romantic partners, ultimately guiding them into fraudulent investment schemes. Police noted that the group even produced training materials in both Chinese and English to instruct members on conducting these scams.
Operation Was “Meticulously Planned”
Victims were reported to have spanned several countries, including mainland China, Taiwan, India, and Singapore. A police spokesman called the operation an “unusually large and meticulously planned operation,” highlighting the involvement of local university graduates and IT specialists.
The group faces charges of conspiracy to defraud, and police are continuing to investigate the full extent of the operation.
The post $46 Million Lost in Hong Kong Deepfake Crypto Scam appeared first on FullyCrypto.