The crime manager in the open chat room is committing fraud against the victim. [Image provided by Busan Police Agency]
[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] A fraud organization that operated virtual asset investment leading rooms (open chat rooms) on domestic social network services and deceived investors out of about 7 billion KRW has been caught.
On the 30th, the Busan Metropolitan Police Agency announced that from June 2021 to February 2022, they arrested 16 members of a fraud organization that operated virtual asset investment leading rooms on domestic social network services from overseas locations such as the Philippines, embezzling about 7 billion KRW in investment funds and fees from 130 victims.
Among the arrested, 8 main perpetrators were taken into custody for investigation, while the remaining 8 were investigated without detention. The mastermind and 5 key executives who fled overseas were placed on Interpol red notice, and one other domestic member was issued a warrant.
The police froze 28 accounts used in the crimes and, with a court decision, confiscated and preserved criminal proceeds worth about 120 million KRW.
According to the police, the 26-year-old mastermind A established a headquarters and a general sales management team in the Philippines from June 2021, along with three general sales management team leaders including 23-year-old accomplice B, creating a 22-member investment fraud organization that included recruiters who recruited members remotely via Telegram under the general sales management team.
The organization used a method where 13 people, including recruiter C, pretended to be investment experts in virtual asset investment leading rooms on domestic SNS, playing multiple roles and promoting false investment success stories as if they had made large profits by investing in alternative coins.
The scale of damage ranged from a minimum of 10 million KRW to a maximum of 250 million KRW per victim, with an average loss of 50 million KRW per victim.
The mastermind A provided various crime tools such as crime accounts, forged certificates, and fake investment sites to the practical general sales managers who executed the fraud against victims, and divided roles by appointing major general sales managers to manage the practical general sales managers, sharing the crime proceeds in a 4:4:2 ratio.
The police placed the remaining fugitives on Interpol red notice and are reviewing forced repatriation through international cooperation investigations. For future similar damage reports, active investigations will be conducted centered on the specialized investigation team of the city police agency.
A police official said, “Recently, there have been many SNS ‘investment leading room’ fraud advertisements that lure investments in virtual assets, stocks, and futures by guaranteeing high returns, so special caution is required,” and added, “The police plan to expand investigations into similar damage cases in the future.”
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