Korean Tax Agency Investigates Prince Group Linked to Cambodian Scam Crimes
The National Tax Service (NTS) of South Korea has recently initiated a tax investigation into the Prince Group, which has been identified as a key player behind scams in Cambodia.
During the first nationwide tax office meeting of the new government held on the 3rd, NTS Commissioner Lim Kwang-hyun emphasized the governments commitment to combating tax evasion that threatens the basic lives of citizens. He stated, "We will respond strongly to tax evasion and offshore tax avoidance that infringe on the livelihoods of the public. We will thoroughly investigate the recent issues related to the Cambodian criminal organization."
According to government sources, the NTS began its investigation into the Prince Group at the end of last month. The Prince Group is accused of disguising the proceeds from voice phishing crimes as overseas real estate investments and illicitly transferring them abroad. The NTS suspects that the Prince Group established a real estate investment advisory firm in a central area of Seoul and failed to report business income and employee income tax generated domestically. Furthermore, it is reported that the group raised hundreds of millions of won in real estate investment funds from domestic investors and transferred between 2 billion to 3 billion won to a local Cambodian corporation, but there is no record of these investors acquiring real estate in Cambodia.
The NTS stated, "We plan to proceed with the recovery of criminal proceeds in cooperation with relevant agencies."
Additionally, the NTS is investigating a local national who operated a currency exchange associated with the Huiyuan Group, which is based in Cambodia and is known to be involved in illegal money laundering. Tax authorities are looking into allegations of underreporting income from exchange fees while also confirming any connections to illegal money laundering activities.
On the same day, Commissioner Lim announced plans to overhaul all tax operations by 2028, focusing on services from tax payment to tax investigations and management of delinquencies using artificial intelligence (AI). He mentioned the acquisition of graphics processing units (GPUs) to establish a dedicated AI infrastructure for the NTS.
During the first nationwide tax office meeting of the new government held on the 3rd, NTS Commissioner Lim Kwang-hyun emphasized the governments commitment to combating tax evasion that threatens the basic lives of citizens. He stated, "We will respond strongly to tax evasion and offshore tax avoidance that infringe on the livelihoods of the public. We will thoroughly investigate the recent issues related to the Cambodian criminal organization."
According to government sources, the NTS began its investigation into the Prince Group at the end of last month. The Prince Group is accused of disguising the proceeds from voice phishing crimes as overseas real estate investments and illicitly transferring them abroad. The NTS suspects that the Prince Group established a real estate investment advisory firm in a central area of Seoul and failed to report business income and employee income tax generated domestically. Furthermore, it is reported that the group raised hundreds of millions of won in real estate investment funds from domestic investors and transferred between 2 billion to 3 billion won to a local Cambodian corporation, but there is no record of these investors acquiring real estate in Cambodia.
The NTS stated, "We plan to proceed with the recovery of criminal proceeds in cooperation with relevant agencies."
Additionally, the NTS is investigating a local national who operated a currency exchange associated with the Huiyuan Group, which is based in Cambodia and is known to be involved in illegal money laundering. Tax authorities are looking into allegations of underreporting income from exchange fees while also confirming any connections to illegal money laundering activities.
On the same day, Commissioner Lim announced plans to overhaul all tax operations by 2028, focusing on services from tax payment to tax investigations and management of delinquencies using artificial intelligence (AI). He mentioned the acquisition of graphics processing units (GPUs) to establish a dedicated AI infrastructure for the NTS.
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