A group accused of posing as a famous asset management company while based in Cambodia and swindling 8.4 billion won from 62 Koreans has been arrested.
The Yangcheon Police Station in Seoul said on the 19th that it arrested 20 members of the group on charges including joining and engaging in a criminal organization and referred them to prosecutors. Of these, seven, including a recruiter identified as a person surnamed Kim, 30, were sent to prosecutors in custody. Seven others overseas, including a Chinese manager identified as a person surnamed Choi, 40, were placed on an Interpol red notice.
According to police, from February to July last year, the group set up an office in a mango farm complex in Cambodia and opened a fake stock trading site made to look as if it were linked to real stock price indicators. They then lured victims through social media (SNS) ads and, posing as well-known asset management companies at home and abroad, duped them by saying, "We guarantee 5–20% revenue every day."
The damage was found to range from several million won per person to as much as 400 million won. Most victims were either newcomers to the workforce or people in their 50s to 60s with little investment experience.
Most members were connected through school or regional ties. The crimes were carried out systematically with divided roles, including a ringleader, Head of Team, sales team, customer center, and money laundering operatives. They also used bank accounts under others' names to evade investigative tracking.
Police also confirmed that some among them are suspected of using drugs and booked them additionally.
Police said, "If someone posing as an expert solicits investments by dangling guarantees of principal and high returns, it is highly likely to be fraud, so please be cautious, delete the related messages immediately, and block them."