Key facts
- Hong Kong police arrested 31 people in connection with a fraud syndicate.
- The syndicate used deepfake technology in dating scams to lure victims into fake cryptocurrency investments.
- Victims were defrauded of over HK$34 million (US$4.3 million).
- Arrested individuals include students and a professional footballer.
- Two fraud centers in Kowloon Bay were raided, with luxury goods, a Ferrari, and HK$10 million cash seized.
- The syndicate operated for at least a year, recruiting young people with promises of fast money.
Hong Kong police have arrested 31 individuals, including students and a professional footballer, for their alleged involvement in a sophisticated fraud syndicate that used deepfake technology to deceive victims into investing in fake cryptocurrencies. The syndicate is accused of defrauding victims of over HK$34 million (US$4.3 million) through elaborate dating scams and fake job advertisements.
In an earlier operation, police had already arrested 10 people in connection with the same syndicate, which had allegedly swindled victims out of more than HK$2.1 million. The latest arrests include the alleged mastermind. The suspects range in age from 20 to 34, with some being jobless or students.
Five individuals, including the mastermind, a person in charge of two fraud centers, and three core members, are facing charges of conspiracy to defraud and money laundering. The remaining arrested individuals have been released on bail. The syndicate operated from two rented flats in Kowloon Bay, designed to resemble corporate offices, to diversify risk and enhance security, working in two shifts to maximize victim engagement.
Recruits, including university students, were enticed with the promise of "making fast money." They were provided with detailed scripts and training to create fake online personas, engage with potential victims on dating apps, and use deepfake technology during video calls to simulate romantic relationships. Victims were then persuaded to invest in fraudulent cryptocurrency platforms, only to lose their money when the fraudsters disappeared.