The scam targeted victims across multiple regions, including Hong Kong, Singapore, mainland China, and other areas, using fake cryptocurrency investment platforms.
Scammers used AI-generated deepfake images and videos to pose as women, luring victims into online romantic relationships and manipulating them even during video calls.
The syndicate created fake trading platforms that showed victims falsified transaction records and profits, convincing them to continue investing before disappearing with their money.
Among the 27 suspects arrested were university graduates and alleged members of the Sun Yee On triad, who played roles in managing the scam, including technical support and accounting.
The syndicate defrauded victims out of nearly $46 million, and the scam had been running since October 2023. Participants in the syndicate reportedly earned substantial monthly payouts, some exceeding $12,900.