According to Wu Shuo, the Hong Kong police cracked down on a fraud group that used Deepfake technology to lure people into investing in virtual currency, with the amount involved being approximately 34 million yuan.
The group used false identities through social platforms, established trust with victims, tricked them into investing in fake platforms, and quickly transferred funds.
Police arrested 31 people at a fraud centre in Kowloon Bay, five of whom were charged with conspiracy to defraud and money laundering. The case is still under further investigation.
The police reminded that conspiracy to defraud is a serious crime and the maximum sentence is 14 years in prison.