Embezzled 12.2 Billion KRW Over 8 Months
Victims Range from Their 20s to 70s
A Korea-China joint criminal organization that impersonated Korean foreign women on social networking services (SNS) to approach the opposite sex and induce virtual asset investments, swindling 12.2 billion KRW over eight months, has been arrested by the police.
According to Yonhap News on the 26th, the Busan Metropolitan Police Agency's Anti-Corruption and Economic Crime Investigation Unit arrested and sent to prosecution 12 people, including Korean recruiter A and Chinese manager B, on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), joining and participating in a criminal organization, among others. Eight accomplices were sent to prosecution without detention.
They recruited acquaintances in their 20s to 30s in Korea as members, took them to Cambodia and Laos, and trained them in the so-called 'romance scam' method. A romance scam refers to a fraudulent act where the perpetrator approaches the victim, builds a relationship, and then demands money.
They posted photos of Korean foreign women on SNS profiles and randomly approached victims, engaging in conversations for over a week to gain their favor. Once they judged that a relationship was established, they encouraged victims to invest in virtual assets or gold futures trading.
They lured victims to fake websites and induced investments ranging from as little as 1 million KRW to as much as 2 billion KRW. If victims suspected fraud, they used the previously built relationship to confuse them by saying, "Do you not trust me?"
A and others demanded additional deposits under the pretext of taxes and fees when victims requested the return of profits, then disappeared. The amount swindled over eight months from January this year reached 12.2 billion KRW. The victims, ranging from their 20s to 70s, were mostly men, and the police confirmed 84 victims so far.
The gang secretly operated the organization locally in Cambodia and Laos, applying personnel evaluations such as bonuses, fines, and promotions to members based on the amount of fraud. They also squandered the swindled money on entertainment expenses at local hotels and clubs, and when they achieved a daily maximum fraud amount of 1 billion KRW, they even set off fireworks to celebrate.
The police began investigating in April following victim reports, arrested 20 members of the organization, tracked accounts, and are pursuing six Chinese leaders staying overseas through Interpol.
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