Imported Goods Worth 20 Million Won Sold for 400,000 Won... Importer Caught Embezzling 200 Million Won

Importing 2.5 Billion Won Worth of Mining Machines to Evade Customs Duties
Reported as Cheap Older Models Instead of Latest Ones
Customs Officials Disassemble Mining Machines to Verify Latest Components

Importer Mr. A falsely declared the latest model virtual asset miner as a low-priced old model to bring it in. (Photo provided by Incheon Airport Customs)

An importer who evaded customs duties worth about 200 million KRW by declaring the latest virtual asset mining machines, costing over 20 million KRW, as old models priced at 400,000 KRW has been caught.

On the 10th, the Incheon Airport Customs Office of the Korea Customs Service announced that importer A was sent to the prosecution without detention on charges of violating the Customs Act. A is suspected of importing 698 units of the latest virtual asset mining machines worth approximately 2.5 billion KRW without paying customs duties worth about 200 million KRW.

During the customs inspection process, Incheon Airport Customs discovered discrepancies between the declared model and the actual product. They dismantled the mining machines and confirmed that they were equipped with high-end, high-spec graphics cards and other latest components. Subsequently, after investigating the selling prices on shopping malls handling such models, they uncovered A’s under-declaration and launched an investigation.

During the investigation, Incheon Airport Customs analyzed A’s previous import declarations and X-ray images of the imported goods, and through a search and seizure, secured pricing data of the actual goods paid for with virtual assets.

The investigation revealed that from November 2022, A imported high-priced latest virtual asset mining machines 45 times, declaring them as old, low-priced used models to evade customs duties worth about 200 million KRW.

A stated that he believed customs officials would find it difficult to verify whether the mining machines were the latest models or to inspect the components installed inside, so he declared the latest mining machines, costing over 20 million KRW each, as old models priced at 400,000 KRW.

An official from Incheon Airport Customs said, "With the recent rise in virtual asset prices, demand for virtual asset mining machines has increased, and we expect more under-declaration crimes exploiting this trend. We will expand investigations and firmly respond to similar criminal acts." The official also urged, "We ask the public to actively report such fraudulent activities to the Customs Service’s smuggling report center."

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