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"You better be prepared for the consequences of your actions because as you can see we have made a commitment to work together," Interpol's Virmani told reporters.
The supposed "leaders" of the ring have been identified, but authorities have yet to disclose their identities because some are still on the run.
The Philippines is the world's fifth-largest English-speaking country and a growing hub for outsourcing operations and international call centers.
The ring's activities reportedly led to at least one death, the tragic suicide of a teenager in Scotland.
Sextortion is a uniquely 21st-century crime, in which a kid sitting in his bedroom in Edinburgh could have his life upturned by tricksters on the other side of the world.
Cybersecurity experts have been grappling with how to fight it — here's how the FBI recommends defending against sextortionists.
"These crimes are not limited to any one country and nor are the victims.
“But the victim had no idea the so-called live video he was watching was a pre-recorded clip prepared by the gangs,” said Lin.
“The victim is actually speaking to and stripping in front of a group of middle-aged men.” The swindlers secretly recorded the footage and threatened to circulate the explicit videos unless payment was made.
More Hong Kong men are falling prey to sex chat scams, police warned, as the number of cybersex-related blackmail cases rose sharply this year.
The force’s cybersecurity bureau warned men to be vigilant and not to take off their clothes during video sex chats, as they risk having their erotic clips circulated on the internet if they did not pay.
Reports suggest that the sextortion syndicates ran vast, organized operations with employees guaranteed paid vacation days.