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61 individuals who set up call centers in the Yeouido area of Seoul and engaged in a 3.3 billion won fraud scheme, using coin investment as bait, have been apprehended by the police.
The Sosa Police Station in Bucheon, Gyeonggi Province, announced on the 9th that they have arrested 5 individuals, including mastermind Mr. A, on charges of fraud and violation of the Act on the Regulation and Punishment of Concealed Criminal Proceeds, and indicted 56 other members of the organization without detention.
Mr. A and others are accused of operating four call centers in the Yeouido area of Seoul from July to December 2022, and swindling a total of approximately 3.3 billion won from 81 victims.
It was investigated that they approached victims who had suffered losses from stock investments, etc., and then induced them to invest by falsely claiming that the coins they developed were scheduled to be listed on domestic exchanges.
However, contrary to their claims of high returns, the coins they sold were found to be virtually impossible to be listed on domestic exchanges.
To reassure victims, Mr. A and his associates also engaged in "market manipulation" to temporarily inflate transaction volumes or raise prices on exchanges.
They divided roles for the crime, including coin issuance, sales, and fund management, and were found to have purchased expensive cars or luxury watches or taken overseas golf trips with their illegal profits.
The police, after a recent investigation, have referred all individuals, including Mr. A, to the prosecution and frozen 992 million won in criminal proceeds through pre-indictment preservation.
A police official stated, "Investment scams, where investments are solicited through text messages or random phone calls related to investment, are frequently occurring," and added, "It is necessary to block contact from unclear sources."
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