Sending Fake Photos to Establish Romantic Relationship
Guiding to Fake Securities Company Website
Recommending and Soliciting Stock and Fund Investments
A group involved in the so-called 'romance scam,' who impersonated foreign women on hobby activity applications (apps) and embezzled billions of won, has been arrested by the police.
On the 2nd, the Gangbuk Police Station in Seoul announced that they had apprehended a total of 34 people, including a man in his 30s identified as Mr. A, on charges of violating the Electronic Financial Transactions Act and fraud, and that nine ringleaders among them were detained.
According to the police, from December last year to early this year, the suspects joined hobby activity apps such as those for cycling and golf, pretending to be young foreign women who were not fluent in Korean, and approached victims.
Police investigations revealed that they continued chatting with victims and sent fake photos, establishing romantic relationships in what is known as a 'romance scam.' Instead of directly asking victims for money, they guided them to fake securities company websites, recommended stocks and fund items, and induced investments.
The fake websites were manipulated to show over 100% returns in the early stages of investment, and a message appeared stating that a 10% fee of the profits must be paid as a commission to withdraw funds. When victims paid the commission, the websites were shut down, and the accounts used for communication on the apps disappeared.
So far, the police have identified 16 victims, but considering that Mr. A’s group laundered money amounting to billions of won through gift card companies and others, the police plan to expand their investigation.
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