'I'll Grow Your Investment Tenfold' - 4 Years Imprisonment for 20s Voice Phishing Gang Member

A in his 20s, a telephone financial fraudster (voice phishing), was sentenced to 4 years in prison. [Image source=Yonhap News]

[Asia Economy Intern Reporter Wonjin Lee] A man in his 20s involved in telephone financial fraud (voice phishing), who promised victims nearly 10 times the principal amount in dividends by investing in a game similar to the US lottery Powerball, was sentenced to four years in prison.

According to the court on the 14th, the Jeju District Court Criminal Division 1 (Presiding Judge Byeongjik Shim) sentenced A (29, female), who was indicted on fraud charges, to four years in prison and imposed a fine of 14 million won.

In February 2020, A and other members of the voice phishing organization reportedly sent mass text messages to an unspecified number of people, saying things like "You can earn money through side jobs" and "Retirement life is a choice, not fate."

To victims who responded, A and her group deceived them by claiming, "If you invest in a game similar to the US lottery Powerball called Mega Million Ball, you can get your principal guaranteed along with 10 times the profit," and extorted money under the pretext of investment funds.

However, the so-called "Mega Million Ball game" did not actually exist. A and her group created a fake website without transaction functions and continued their crimes by using a so-called "Ponzi scheme," paying dividends to existing investors with the investment money from new investors.

It was revealed that A and her group received about 600 million won from 21 victims over approximately two months under the pretext of investment funds.

The court stated the reason for sentencing: "Voice phishing crimes are carried out in an organized and planned manner, causing harm to an unspecified number of victims, and the social damage is very serious. Therefore, strict punishment is necessary even for organization members who participated in part of the crime."

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