The study analyzes the pig-butchering scam, a cyber-enabled form of investment fraud that has expanded rapidly in Indonesia since the onset of the COVID-19 pandemic. Also known as Sha Zhu Pan, this manipulative scheme blends elements of romance with financial deception. Perpetrators cultivate an emotional bond and trust with victims through social media channels or dating applications, then exploit that relationship to guide victims toward fake investment platforms. The approach relies on interpersonal manipulation to create credibility and urgency, making it difficult for victims to discern legitimate opportunities from fraudulent ones as money is gradually siphoned from accounts. The article presents an overview of the defining characteristics, operational schemes, and tactics employed by offenders, while also considering the repercussions for victims and the responses required from law enforcement. The discussion is anchored by a case study of three Indonesian fraud configurations: crypto investment ventures, bogus job postings, and romance-driven schemes. Across these scenarios, the losses are substantial, ranging from hundreds of millions to billions of rupiah, underscoring the financial severity of pig-butchering fraud. The study details how the combination of emotional manipulation and investment-related deception can amplify both the appeal and the damage, illustrating a pattern that transits online spaces into financial crime. Findings indicate that several factors impede elimination of this crime. Foremost among these are limited public understanding of how the schemes operate, insufficient law enforcement capacity, and the complexity of transnational networks that enable cross-border elements of the fraud. The research argues that addressing these obstacles requires a more adaptable legal framework that can respond to evolving tactics and platforms, as well as targeted efforts to raise digital literacy among the general population. In sum, the work suggests that combining regulatory innovation with improved public awareness and education about online investment risks is essential to mitigate the impact of pig-butchering fraud in Indonesia. The implications point toward a coordinated, multi-layered strategy that strengthens enforcement while empowering individuals to recognize and resist hybrid romance-investment scams.