South Korean Police Capture Fraudsters Who Stole $4.1 Million in Crypto Investment Scam
The Haeundae Police Station in Busan, South Korea, has caught a pair of fraudsters who stole $4.1 million from a senior citizen with the promise of profitable crypto investments.
“If you invest in virtual currency, you will see a 70% return in 4 weeks,” said the two individuals in their 20s and 30s who deceived a senior citizen and stole billions of South Korean won spread across multiple transactions.
A 60-year-old victim fell prey to a fraudulent cryptocurrency investment scheme between September and December 2022, as reported by a local source. The scammers lured the victim with promises of significant returns, offering a 70% profit on a monthly investment of 1 billion won. They assured the victim that investing 1 billion won would yield a repayment of 1.7 billion won within a month.
On the 25th, the Busan Haeundae Police Station announced the arrest of one of the fraudsters, a man in his 20s, on fraud charges. The second individual involved, in his 30s, was booked without detention for aiding and abetting fraud. The scheme involved these individuals approaching the victim during the specified period, capitalizing on the bullish market trend in virtual currency investments.
The accused fraudsters allegedly defrauded the victim of 5.5 billion won on six occasions. Despite their minimal holdings, they used forged balance certificate files to falsely present themselves as possessing 20 billion won worth of virtual currency.
Additionally, they fabricated a contract claiming that a 30-year-old accomplice, described as a wealthy real estate agent in Gangnam, had committed to investing 4 billion won. These deceptive tactics resulted in substantial financial losses for the 60-year-old victim.
Investigations into the scam revealed
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