Eight Suspects Arrested for Embezzling 2.7 Billion Won by Sending "High Returns if You Invest" Texts

Inducing Registration and Deposit on Fraudulent Investment Sites

A group that fraudulently established a foreign exchange investment site and deceived investors with the promise of high returns to embezzle investment funds has been arrested by the police.

The Masan Dongbu Police Station in Gyeongnam announced on the 6th that they arrested eight members of the investment fraud group, detaining five including a man in his 20s identified as A, and charging three others including a man in his 30s identified as B without detention.

Message sent by the perpetrator to the victims. [Image provided by Gyeongnam Police Agency]

According to the police, the group is suspected of fraudulently setting up a foreign exchange investment site from April to May, deceiving 29 people by promising “profits if you invest,” and embezzling 2.7 billion KRW.

They used non-face-to-face channels such as the internet and social networking services (SNS) to send messages to an unspecified number of people with phrases like “guaranteed high returns,” “principal protection,” and “large sum preparation,” luring them into messenger chat rooms, then inducing them to sign up and deposit money on the fake investment site.

When investors deposited money, they showed screens disguised as if profits had been made to deceive the victims.

Conversation content from an open chat room operated by a daily worker. [Image provided by Gyeongnam Police Agency]

To evade police tracking, they created multiple shell companies such as gift certificate sales businesses and opened bank accounts under false names.

They also prepared Telegram chat logs that appeared to be actual transactions with one of the group members and pre-made false transaction statements.

When victims tried to withdraw money, they blocked withdrawals by demanding additional deposits for transaction fees or citing reasons such as improper completion of the registration process.

One person from the group is applying for a withdrawal at the bank counter.
[Photo by Gyeongnam Police Agency]

After receiving the first report in April this year, the police began arresting all members of the group starting with the account name lenders through six months of investigation.

The group systematically committed crimes in a cell-like structure, dividing roles such as the mastermind, manager, and withdrawal handler across the country.

A police official said, “We will cooperate with police stations nationwide to investigate additional crimes of the suspects, conduct a combined investigation, and also investigate the use of criminal proceeds.”

He added, “Recently, advertisements impersonating famous investors, economic YouTubers, and celebrities on SNS proposing investments have been rampant. These can lead to investment fraud, so please be cautious.”

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