Investment Scam Group Operating from Cambodia Arrested in South Korea
A group involved in an investment scam amounting to approximately 20 billion won (about $17 million) based in Cambodia has been apprehended by police. While most of the suspects voluntarily returned to South Korea and were arrested, two members of the organization apprehended in Cambodia have not been extradited for a year due to the lack of cooperation from local authorities.
On June 6, the Seoul Police Agencys special investigation unit announced the arrest of 54 individuals who organized the investment scam using a call center in Cambodia, with 18 of them currently in custody. Interpol has issued a red notice for 17 others who are still evading capture abroad.
From February last year to July this year, the group is accused of impersonating well-known financial companies to deceive 229 investors, resulting in a loss of 19.4 billion won. Among the 54 arrested, 31 were responsible for luring victims and providing investment consultations at the Cambodian call center, while 23 played a role in withdrawing and laundering the illicit proceeds back in South Korea.
The group advertised on social media, promising high returns in a short time, and lured victims into KakaoTalk open chat rooms. They then impersonated investment experts from overseas financial companies and built trust by offering free stock analysis reports. After that, they encouraged victims to install a fraudulent stock trading app (HTS) that they had developed, showing manipulated profit statements to entice further investment.
Police have also detected signs that the group laundered the investment funds through virtual assets. Among the 31 call center members arrested, 30 voluntarily returned to South Korea and were detained. The remaining member was captured in Vietnam in May and was extradited to South Korea just one month after the police requested investigative cooperation from Vietnamese authorities.
In contrast, the extradition process from Cambodia has been stalled for a year, highlighting the differences in international cooperation in combating such financial crimes.
On June 6, the Seoul Police Agencys special investigation unit announced the arrest of 54 individuals who organized the investment scam using a call center in Cambodia, with 18 of them currently in custody. Interpol has issued a red notice for 17 others who are still evading capture abroad.
From February last year to July this year, the group is accused of impersonating well-known financial companies to deceive 229 investors, resulting in a loss of 19.4 billion won. Among the 54 arrested, 31 were responsible for luring victims and providing investment consultations at the Cambodian call center, while 23 played a role in withdrawing and laundering the illicit proceeds back in South Korea.
The group advertised on social media, promising high returns in a short time, and lured victims into KakaoTalk open chat rooms. They then impersonated investment experts from overseas financial companies and built trust by offering free stock analysis reports. After that, they encouraged victims to install a fraudulent stock trading app (HTS) that they had developed, showing manipulated profit statements to entice further investment.
Police have also detected signs that the group laundered the investment funds through virtual assets. Among the 31 call center members arrested, 30 voluntarily returned to South Korea and were detained. The remaining member was captured in Vietnam in May and was extradited to South Korea just one month after the police requested investigative cooperation from Vietnamese authorities.
In contrast, the extradition process from Cambodia has been stalled for a year, highlighting the differences in international cooperation in combating such financial crimes.
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