Gang Involved in Multi-Billion Won 'Investment Leading Room Scam' Arrested... Mastermind Also Scheduled for Domestic Summons

Seized items related to the investment leading room fraud case. Photo by Yangcheon Police Station, Seoul

[Asia Economy Reporter Yoo Byung-don] A group that embezzled hundreds of millions of won through 'investment leading room fraud,' where investment information is exchanged, has been caught by the police.

The Yangcheon Police Station in Seoul announced on the 25th that they arrested 10 members of an organization suspected of embezzling approximately 540 million won from a total of 28 people between November last year and April this year, and four of them have been detained.

According to the police, the suspects are accused of swindling large sums by inducing investments in gold trading platforms or sending messages impersonating victims' children.

The police also seized 35 million won in cash, 54 check cards, and 9 mobile phones from the group, and have identified Korean A and Chinese B, who are overseas leaders residing in China, and are preparing to repatriate them to Korea.

Police investigations revealed that A and B used the titles "Team Leader Kim" via WeChat and Telegram messengers to give specific instructions to 10 organization members, including collectors, withdrawal agents, remittance agents, and currency exchangers.

A police official advised, "If you receive messages guaranteeing absurd profits urging you to invest, or if you are actively encouraged to invest through one-on-one or open chat rooms, or if you receive messenger requests impersonating your child asking for app installation or photos of ID cards or credit cards, you should definitely be suspicious," adding, "It is best to avoid acting immediately as instructed by the conversation partner and to verify the identity and facts by phone."

This content was produced with the assistance of AI translation services.