30 Members of Fraud Crime Group Posing as Investment Experts Arrested

Thirty members of a fraudulent investment reading room crime group, accused of impersonating investment experts and swindling approximately 8 billion won from 175 people, have been arrested by the police.

On the 17th, the Seoul Jongno Police Station announced that they had apprehended 30 members of the 'investment reading room fraud crime group' who, by pretending to be investment experts, used methods such as recommending virtual assets, unlisted stocks, and futures investments to swindle about 8 billion won from 175 people over the course of 2023. Among them, 16 were detained.

They purchased illegal databases (DBs) containing personal information to send mass bait messages to induce participation in the investment reading rooms, and led victims to register on fake investment websites. They also used KakaoTalk conversations to encourage investments in unlisted stocks and futures. When victims deposited small amounts, they showed false profit settlement statements, but when large amounts were deposited, they cut off contact, according to the investigation.

The police stated, "We have repatriated four key figures, including the mastermind arrested in the Philippines, and will continue tracking investigations on two others wanted by Interpol," adding, "We will continue to do our best to prevent and crack down on various crimes targeting economically vulnerable groups."

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