TechFlow reports that on October 15, according to Hong Kong 01, Hong Kong police dismantled a local fraud syndicate and arrested 27 suspects. Over a period of about one year, the group is suspected of defrauding multiple victims in Hong Kong and overseas, amassing approximately HK$360 million in illicit proceeds. The fraud syndicate primarily used online romance scams to lure victims into investing in cryptocurrencies to obtain money. Inspector Yiu Wing-kam from the New Territories South Regional Crime Headquarters stated that the syndicate operated with high secrecy—its premises were heavily guarded, and it required victims to transact via highly private cryptocurrency methods, avoiding bank accounts entirely, thus increasing the difficulty for police to trace the criminal proceeds. This operation was supported by personnel from the Cyber Security and Technology Crime Bureau, who assisted in gathering digital evidence related to network activities and cryptocurrency transactions.
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