Hong Kong police said this week that they have dismantled a cross-border fraud syndicate, arresting 27 individuals linked to a scheme that defrauded victims of HK$360 million ($46 million) through romance scams tied to fake cryptocurrency platforms. Key members, some connected to triad organizations, were charged with conspiracy to defraud and possession of offensive weapons. The operation targeted a highly organized group operating locally and overseas.

The syndicate initiated online relationships using “deepfake” technology to create fake video chats, convincing victims, mainly men from mainland China, Taiwan, India, and Singapore, to invest. The fraud ring produced a “training manual” in Chinese and English, meticulously guiding members on deception techniques. Those arrested were aged 21 to 34, with several holding high academic qualifications.

Operating from an industrial building in Hung Hom for about a year, the group recruited university graduates, particularly in digital media, to serve as technology experts. The fraudulent platform ran like a business, complete with a “performance ranking list.” Police seized over 100 mobile phones, computers, and luxury watches during the raid.

Authorities condemned the syndicate’s actions as “despicable” and stressed the serious disruption to victims’ lives. This case underscores the growing threat of cybercrime involving cryptocurrencies and artificial intelligence, highlighting the need for vigilance.

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