Voice Phishing Gang Caught Extorting 12.3 Billion Won Using 'Low-Interest Loan' Bait

Opened a Chinese Call Center and Committed Fraud Against 565 People Using Fake Phones and Internet Calls

[Asia Economy Reporter Yoo Byung-don] A voice phishing gang that impersonated financial institutions and extorted 12.3 billion KRW from hundreds of victims has been arrested by the police.

The Yangcheon Police Station in Seoul announced on the 1st that they have apprehended 40 members of the organization, including the domestic ringleader and telecommunications operators involved in the voice phishing crimes, and have detained 12 of them.

According to the police, the suspects are charged with fraud and other offenses for extorting a total of 12.3 billion KRW in cash from 565 victims between January last year and May this year.

Police investigations revealed that the suspects established a voice phishing call center based in Qingdao, China, and used burner phones and internet calls to impersonate financial institutions, deceiving victims by promising low-interest loans.

The police analyzed call records and financial transaction details of approximately 800 burner phones and internet phones, identified 44 key members of the organization, and arrested 40 of them.

Among the arrested suspects were 32 telecommunications operators who knowingly recruited individuals under the pretext of small mobile phone loans to open and supply burner phones for use in the voice phishing crimes.

The police are issuing wanted notices for the remaining members who have not yet been apprehended and plan to cooperate internationally through Interpol red notices to arrest those currently residing abroad.

The police urged, "Demanding money by impersonating prosecutors, police, or the Financial Supervisory Service, or requesting the installation of apps from unknown sources is voice phishing," and advised the public to "identify and prepare for fraud types in advance."