60s Involved in 100 Billion Won Fraud by 'Dollyeomakgi'... Police Deport from Vietnam

"Deceiving by labeling low-grade meat as first-grade"
Over 1 trillion won in investment funds received and circulated

The police are repatriating a fraud suspect to South Korea on the 7th, who is accused of embezzling 165.6 billion won from 1,485 victims using a so-called 'Ponzi scheme' method. /Photo by the National Police Agency

[Asia Economy Reporter Seongpil Cho] The National Police Agency announced that it has apprehended a fraud suspect who embezzled 165.6 billion KRW from 1,485 victims using a "Ponzi scheme" method through international cooperation with Vietnamese police and repatriated him to South Korea on the 7th.

Mr. A (66) is accused of deceiving investors using a Ponzi scheme from July 2017 to August 2019, embezzling a total of 165.6 billion KRW. A Ponzi scheme refers to the method of paying earlier investors with funds from later investors. He and his accomplices set up an office in Gangnam-gu, Seoul, and held business briefings claiming to have technology that could upgrade low-grade meat to first-grade, attracting investors. Mr. A promised investors a 3% return on their principal and offered a referral commission of 3-5% for bringing in other investors. It is known that the total amount of money Mr. A gathered through this method reached 1.0112 trillion KRW.

During a special crackdown on fraud crimes conducted last year, the National Police Agency began tracking Mr. A in March of that year at the request of the Seoul Songpa Police Station, which was in charge of the case. The agency confirmed that Mr. A had left for Vietnam and requested cooperation from local Vietnamese police. The Vietnamese police obtained clues such as information about Mr. A’s associates and visa details. After about a year of joint investigation, the National Police Agency secured video footage showing Mr. A entering an apartment in the Nam Tu Liem district of Hanoi, where he was hiding, and the Vietnamese police arrested him at that hideout.

After the arrest, the National Police Agency coordinated with Vietnamese authorities to finalize the schedule for Mr. A’s repatriation and dispatched three police escorts to Hanoi, forcibly repatriating him on the same day. The police explained that this repatriation was the first case since the COVID-19 pandemic where police escorts directly traveled overseas to forcibly repatriate a suspect. Until now, to minimize the risk of COVID-19 infection, suspects were escorted back without going through entry procedures by handing them over in the airport security zone, a method known as non-entry repatriation. Kang Gitaek, head of the Interpol International Cooperation Division, stated, "Through upcoming joint crackdowns on economic crimes by Interpol, we will continue active international cooperation to prevent multi-victim fraud, apprehend suspects, and further recover the victims’ losses."

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