"Will Exchange for Cryptocurrency"... Gang Arrested for Embezzling 1 Billion Won in Cash on the Street

Police "Plan to Verify Specific Sources of Funds"

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The police have requested arrest warrants for a group who deceived investors by promising to convert 1 billion KRW in cash into cryptocurrency and then embezzled the money.

On the 20th, the Jungbu Police Station in Incheon announced that they had applied for arrest warrants for five out of six men in their 20s to 30s, including Mr. A, who are suspected of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. The remaining one suspect will be investigated without detention, considering his relatively minor involvement in the crime.

Mr. A and his group are accused of snatching 1 billion KRW in cash from Mr. B, a private investor in his 40s, on the street in the redevelopment area of Songnim-dong, Dong-gu, Incheon, around 4 p.m. on the 19th. They reportedly lured Mr. B into a van by promising to convert his cash into cryptocurrency, then took the money, pushed the victim out of the vehicle, and fled.

After receiving Mr. B’s report, the police pursued the suspects and arrested five of the six members sequentially in the Incheon area early that morning. The other accomplice, who had not boarded the vehicle at the time of the crime, was caught by Mr. B at the scene the previous day and appeared at the police station together.

Investigations revealed that Mr. A’s group, who were acquaintances, deceived Mr. B by offering to sell the cryptocurrency 'Tethercoin' at a price lower than the market rate.

Initially, the amount of the crime was reported as approximately 960 million KRW, but the police confirmed through additional recovery efforts that the total amount was 1 billion KRW. Mr. A and others stated that they met Mr. B through an introduction and wanted to make money.

A police official said, "Mr. B stated that the 1 billion KRW in cash was money he gathered from various sources for investment," adding, "We plan to verify the specific sources of the funds."

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