In a major breakthrough, Hong Kong authorities have dismantled a criminal network using deepfake technology to deceive victims across Taiwan, Singapore, and Malaysia.
The syndicate has allegedly swindled over HK$34 million from unsuspecting individuals over the past year.
Law enforcement raided two premises in Kowloon Bay, where the group operated from, leading to the arrest of 31 people and the seizure of more than HK$100 million in suspected criminal assets.
The criminals targeted victims primarily through online dating platforms, where they used AI-powered deepfake technology to create lifelike profiles of attractive individuals.
Once the fake personas were established, the scammers initiated romantic relationships to gain the trust of their targets.
These interactions were backed by live chats, using advanced face-swapping technology to appear real.
Superintendent Charles Fung Pui-kei explained the deception:
"They used face-swapping technology to create convincing profiles, tricking victims into believing they were interacting with real people."
The ultimate goal of the scam was to lure victims into investing in fake cryptocurrency platforms.
Once trust was established, the scammers convinced their targets that they were making substantial profits.
However, when victims attempted to withdraw their funds, they were met with demands for additional taxes or penalty fees.
It was only when the funds could not be retrieved that the victims realised they had been defrauded.
The Hong Kong syndicate recruited young individuals, often local, by promising them easy money.
These recruits were trained to operate fake online profiles, designed to appeal to users seeking romantic connections.
Acting Chief Superintendent Kung Hing-fun revealed,
“The syndicate would run the two Kowloon Bay centres in two shifts to approach as many victims as possible.”
The young scammers, mainly responsible for engaging victims in online chats, were later instructed to funnel investments into fake crypto platforms.
According to Fung, the scammers boasted about their luxurious lifestyles, using these personas to add authenticity to the con.
The criminal network worked with groups abroad, splitting up to 50% of the profits with foreign partners.
Police discovered that the proceeds from the scams were converted into cash via local over-the-counter cryptocurrency brokerages.
The group had been operating locally for just a few months, but was believed to have been active internationally for over a year, targeting users in Taiwan, Malaysia, and Singapore.
Five individuals have already been charged, including the leader of the syndicate and the person in charge of the Kowloon Bay centres.
They face charges of conspiracy to defraud and money laundering.
The remaining arrested individuals were released on bail pending further investigation.
Hong Kong police are now working with international agencies, including Interpol, to track down additional members of the syndicate and expand the operation globally.
Superintendent Fung advised the public to remain vigilant, warning against messages that promised high returns through cryptocurrency investments.
He stressed the importance of using licensed platforms, as scams like this continue to flourish online.
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