Cash News
Police in South Korea have captured a cryptocurrency scammer who reportedly defrauded millions of dollars from unsuspecting victims.
According to the South Korean publication Newsis, the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit arrested and indicted the suspect, Mr. Kim, over fraud and various other charges.
Per the report, Kim allegedly lured 158 victims into a crypto mining investment scheme that promised 18% returns a month between November 2021 and June 2022. The report says Kim allegedly defrauded the victims out of approximately 4.5 billion South Korean won worth around $3.36 million.
In the process of arresting Kim, Newsis says the police confiscated 100 million won ($74,700) from the alleged crypto scammer. The South Korean police have also obtained an order freezing 1.3 billion won ($972,000) linked to Kim.
Kim’s arrest is coming months after he first emerged as a suspect.
According to the report, Kim failed to appear for an interrogation that was scheduled for September of 2023. An arrest warrant was subsequently issued but the alleged crypto scammer managed to evade getting apprehended for months.
Investigators say, per the report, that Kim evaded detection by undergoing cosmetic surgery at a cost of around 21 million won ($15,700) and wearing wigs. The cosmetic surgery reportedly altered Kim’s appearance, including his eyes, nose and face contour. The alleged crypto scammer also reportedly changed his residence frequently and mostly relied on cash for his expenses.
According to Newsis, the South Korean police were able to track down Kim to his exact location through the use of phone records, surveillance footage and internet search history.
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