Hong Kong police have arrested 27 individuals accused of orchestrating a crypto romance investment scam utilizing AI deepfakes that defrauded victims of over $46 million. The operation was based in a 4,000-square-foot industrial building in Hung Hom and primarily targeted men from mainland China, Taiwan, India, and Singapore. The scammers employed AI technology to create fake romantic relationships, luring victims into an investment scheme. The police seized computers, luxury watches, and over 100 mobile phones during the operation, which commenced on October 9. Most of the accused are between 21 and 34 years old, with 21 of them being men. They are charged with conspiracy to defraud and possession of offensive weapons. This incident highlights the increasing use of deepfake technology in scams, a growing concern for law enforcement, especially given the rise in crypto-related fraud cases.

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