Gwangju Police Agency Cracks Down on Multi-Billion Won Fraud Ring Using 'Investment Advice' Bait

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] A group that defrauded hundreds of millions of won using high-yield investment advertisements as bait has been completely apprehended.

The Gwangju Police Agency Cyber Crime Investigation Unit announced on the 17th that all 11 members of the organization were arrested on charges of fraud.

They are accused of sending KakaoTalk advertisements to an unspecified number of people, claiming to provide high-yield investment consulting, and defrauding about 900 million won.

The fraud ring rented two officetels, installed about 10 computers, and divided roles such as investment experts and promoters to conspire in the crime.

They approached victims under the pretext of consulting and gained trust by manipulating outcomes so that victims could win money on fraudulent gambling sites.

Afterwards, together with promoters, they encouraged large investments or deceived victims by saying, "Due to exchange regulations, you need to invest a few more times," inducing additional investments and then disappeared once the money was deposited.

A police official urged, "As frauds exploiting the recent boom in securities and cryptocurrency investments are rampant, we ask the public to be cautious not to fall victim to such scams."

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