Deepfake Deception: Hong Kong Syndicate Steals $46 Million

In Hong Kong, 27 individuals were arrested on suspicion of orchestrating fraudulent schemes involving deepfakes. By manipulating faces, the fraudsters extracted funds from victims, resulting in total losses amounting to $46 million.

The syndicate operated from a residential area spanning 371.6 square meters. During the operation, six university graduates were apprehended, suspected of creating fictitious trading platforms to lure investors into cryptocurrency projects.

The criminals initially contacted victims through social networks, using AI-generated photographs to craft attractive personas matching the desired appearance, profession, and educational background. When requests for video calls were made, the fraudsters employed deepfake technology to imitate female faces and voices, earning the victims’ complete trust.

During the raid at the criminal group’s headquarters, computers, mobile phones, luxury watches, and approximately $25,750, presumably linked to the fraudulent activities, were seized. The victims are located in Hong Kong, mainland China, Taiwan, India, and Singapore. Five of those arrested are believed to be connected to the large criminal organization Sun Yee On, one of the most notorious triads in Hong Kong and China.