A total of 27 people between the ages of 21 and 34 were taken into custody suspected of conspiracy to defraud and possession of weapons last week, according to a police conference on October 14.
It is rare to find a cross-border fraud center that is quite large, well-organized, has a careful division of labor, and operates physically in Hong Kong, said Yiu Wing-kin.
In 2023, reported losses from crypto investment frauds hit $3.96 billion globally, up 53% from $2.57 billion in 2022, according to the Internet Crime Complaint Center.
Among the items seized in this latest operation were training manuals detailing how scams were conducted, resembling a typical pig butchering scam.
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