Gang Arrested for Luring with 'Selling Coins Cheaply' and Robbing 100 Million Won in Cash

10 Arrested on Special Assault Charges

A group that extorted cash under the pretense of cryptocurrency trading was all arrested by the police.

Police are seizing cash from the vehicle of a suspect in an armed robbery.
[Photo by Gangnam Police Station]

On the 1st, the Gangnam Police Station in Seoul announced that they arrested 10 people, including a man in his 20s identified as A, on charges of special robbery for luring victims through coin trading, extorting money, and fleeing. Among them, 5 were detained.

They are accused of luring victim B on the street in Yeoksam-dong, Gangnam-gu, Seoul, on the 21st of last month by saying, "We will sell coins cheaper than the market price," then receiving 100 million won in transaction money, pretending to count it, and fleeing with the money. They are also suspected of assaulting the victim's party during this process.

The police received a report and found the suspects' vehicle near the scene, arresting 3 of them urgently. Four others who fled using another car were caught on the street in Anseong-si, Gyeonggi Province, through cooperation with the Southern Gyeonggi Police Agency. Two suspects who fled to Busan were also arrested the same day by the Busan Police Agency's Criminal Mobile Unit.

During the investigation, the police confirmed the existence of C, who planned the crime and recruited the suspects, and arrested him on the 25th of last month in Cheonan-si, Chungnam Province. It was confirmed that the suspects knew each other and participated in the crime due to the need for living expenses without steady jobs.

They agreed to distribute the extorted cash according to roles and designated roles such as planning the crime, recruiting, coin sales, cash extortion and escape, assault and threats, and driving vehicles. It was investigated that they meticulously prepared the crime in advance, even deciding on a meeting place after the crime.

The police seized about 51 million won in stolen money and a gold necklace worth about 6.4 million won purchased with the stolen money, and are checking for additional accomplices, other crimes, and the whereabouts of the remaining stolen money.

A police official said, "As crimes involving inducing offline coin transactions or extorting money under the pretense of trading have recently occurred, special caution is required."