A joint Korean-Chinese crime syndicate has been arrested for swindling 122 billion won (US$92 million) from 84 individuals in an eight-month romance scam. The group impersonated Korean-heritage foreign women on social media to lure victims into fake cryptocurrency and gold investments.
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The Busan Police Agency announced on Tuesday that 12 members, including a South Korean recruiter and Chinese manager, have been arrested and charged with fraud and operating a criminal organisation. Another eight members were charged without detention.
The syndicate recruited South Koreans in their 20s and 30s, relocating them to Cambodia and Laos to train them in scamming techniques.
Members targeted victims through social media, presenting themselves as Korean-heritage foreign women. After building trust over a week of conversations, they persuaded victims to invest in fake cryptocurrency or gold trading platforms, according to the police.
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‘It’s scary’: Asian cryptocurrency scams bilk tens of thousands of ‘brainwashed’ victims
‘It’s scary’: Asian cryptocurrency scams bilk tens of thousands of ‘brainwashed’ victims
Victims were directed to fraudulent websites and coerced into investing amounts ranging from 1 million won to 20 billion won. When victims expressed doubt, the scammers played on emotional connections, asking, “Don’t you trust me?” If victims requested returns, the group demanded additional deposits for taxes and fees before disappearing with the funds.
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