South Korean police send 86 to prosecutors in crypto scam case

South Korean police have sent 86 individuals, including two alleged ringleaders, to prosecutors over a suspected pseudo-deposit scheme involving overseas coin investments and electric vehicle battery investments. The North Chungcheong Provincial Police Agency announced on Nov. 10 that its anti-corruption and economic crime unit arrested two suspects, including one identified as A, and referred 84 others without detention. The group is accused of defrauding approximately 75000 people out of 10.2 billion won, or about 7400000 dollars, from September last year to September this year by promising high returns. Most victims were aged 60 or older, and investigators believe the group exploited their limited understanding of financial terminology. Police apprehended 102 key suspects between June and October, sought pre-indictment forfeiture preservation for 6.35 billion won, requested tax collection on 47.85 billion won in proceeds linked to the criminal organization, and froze virtual assets worth about 10.65 billion won.

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