A sophisticated criminal group has been fully arrested for laundering 3.5 billion Korean won in illicit funds obtained from a Cambodian phishing organization through virtual assets. The group, which operated under the guise of a gift certificate vendor, has now been transferred to prosecutors by the Seoul Metropolitan Police Agency.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency’s Metropolitan Investigation Division announced on the 18th that they had arrested 11 individuals, including the head of a domestic money-laundering organization, on charges of telecommunications fraud and violating the Act on Regulation of Concealment of Criminal Proceeds. Eight of the suspects were detained during the investigation.
According to the police, the group was accused of converting 3.5 billion Korean won in criminal proceeds from the Cambodian phishing organization into virtual assets between August and November of last year. They allegedly received the illicit funds into fake gift certificate business accounts, purchased physical gift certificates offline, resold them, and used the proceeds to buy Tether (USDT), a stablecoin, to fund the overseas phishing operation.
The organization, led by a 37-year-old leader A (born in 1989), coordinator B, coordinator C, and withdrawal manager D, reportedly operated with a five-tier division of labor. They took 15% of the laundered proceeds as fees. Leaders and coordinators received 11% of the cash fees, while the remaining members involved in withdrawals split 4%.
To avoid detection, the group maintained strict security measures. They held meetings in areas without closed-circuit television (CCTV) surveillance, fearing that the arrest of even one member could collapse the entire organization
The police initiated their investigation in November of last year after receiving intelligence about the group's activities in Songpa-gu, Seoul, and Seongnam, Gyeonggi. They tracked the movements of withdrawal manager D near Garak Market Station while he was carrying a shopping bag filled with cash. In December of last year, they arrested leader A, who was hiding in his residence in Jungnang-gu, Seoul. Over the next three months, the police traced and analyzed gift certificate business accounts and reviewed CCTV footage from the crimes, leading to the arrest of all members.
During the arrests, police seized 593.5 million Korean won in cash, two luxury watches valued at 200 million Korean won, and secured 861 million Korean won in pre-trial confiscation and restitution, which were profits from the money-laundering activities.
Police stated, “As the phishing damage is estimated to reach approximately 8 billion Korean won, we will continue investigating the Cambodian phishing organization. We will also strictly crack down on domestic organizations that launder criminal proceeds in collaboration with overseas phishing groups.”
월 5900원 멤버십, 신문 독자에게는 2900원, 조선멤버십
55000원 상당의 신문-잡지 8종 마음껏 보기, 조선멤버십
현금처럼 쓸 7000포인트 받아 알뜰한 쇼핑, 조선멤버십