Disguised as Used Phone Trade... Voice Phishing Money Laundering Ring Busted

A criminal organization that laundered proceeds from voice phishing by disguising them as used mobile phone trade transactions has been apprehended by the police.

On April 21, the Songpa Police Station in Seoul announced that five individuals had been arrested and referred for prosecution on charges including telecommunication financial fraud and organizing a criminal group. They established a used mobile phone trading company for the purpose of laundering funds obtained from voice phishing, disguising the transactions as legitimate exports.

On April 10, after tracking the movements of those responsible for collecting and delivering the illicit funds, the police apprehended the suspects. At the scene, they seized 512.6 million won in cash believed to be proceeds of crime, 688 used mobile phones, and 16 bank accounts opened under false names.

A police official stated, "We will continue to investigate in connection with overseas ringleaders," and emphasized, "Please be aware that government agencies will never request investigations or offer loans over the phone."