HK police bust cross-border fraud ring, arrest 27 over HK$360 mn scam

Hong Kong Police Force (HKPF) has dismantled a cross-border fraud center located in Hong Kong, currently detaining 27 individuals involved.

The organization allegedly used "romance scams" to deceive victims into investing in virtual cryptocurrencies, with the preliminary estimated amount involved exceeding HK$360 million.

From Aug. to Sept. this year, police identified a local scam group operating a cross-border fraud center in a Hung Hom industrial unit based on intelligence. On Oct. 9 of this month, police executed an operation and successfully raided this approximately 4,000 square feet, well-organized fraud center.

Police arrested 21 men and 6 women, aged 21 to 34, on charges of "conspiracy to defraud" and "possession of offensive weapons," including key members of the group.

Police described this cross-border fraud center as unusually large and meticulously organized. The criminal group recruited local university graduates majoring in digital media as technology specialists and collaborated with overseas fraudsters and IT experts to construct a fake cryptocurrency investment platform.

Additionally, the group produced training manuals in both Chinese and English, initiating fake romances online. Through artificial intelligence-based "deepfake" technology, they conducted video chats, leading victims to believe they were developing romantic relationships with highly desirable women, ultimately luring them into investment scams. According to police, most of the arrested individuals are men, with numerous male victims from mainland China, Taiwan, India, and Singapore.

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