Police Arrest 20-Member Investment Chatroom Scam Group Based in Cambodia

A group of 20 individuals who established a base in Cambodia and created a fraudulent stock trading website, swindling approximately 8.4 billion won from 62 Koreans, have been handed over to prosecutors.

Yonhap News Agency

On September 19, the Yangcheon Police Station in Seoul announced that it had referred 20 members of a so-called investment leading chatroom scam group to the prosecution on charges including participation in a criminal organization. Among them, seven individuals, including a man in his 30s surnamed Kim who acted as a recruiter, were transferred while in custody.

They are accused of impersonating well-known domestic and international asset management firms from around February to July of last year, operating out of Cambodia, and defrauding 62 Korean nationals out of 8.4 billion won.

According to the police investigation, the group operated an office within a mango complex in Cambodia and set up a fake HTS (Home Trading System) website that appeared to be linked to actual stock indicators. They deceived victims by claiming, "If you invest in the project, we guarantee daily returns of 5 to 20 percent."

The group was mostly composed of acquaintances such as former schoolmates and friends from their hometowns. They divided roles among themselves, including ringleader, team leader, recruiter, sales team, customer service, and money laundering, to carry out the scheme. They used bank accounts and online accounts under other people's names to evade law enforcement tracking.

A police official stated, "In most cases where someone impersonates an investment expert on social networking services (SNS) and lures you with promises of principal protection or high returns, it is likely to be a scam. Please be cautious," adding, "If you receive a text message soliciting investment, delete and block it immediately."

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