INVESTMENT SCAM: Gang Embezzles 9 Billion Won in Fake Coin Investments

IconCryptoNewsTerminal Staff08 Jul, 2024

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INVESTMENT SCAM: Gang Embezzles 9 Billion Won in Fake Coin Investments

The Cyber Crime Investigation Division of the Gyeonggi Southern Police Agency has arrested nine individuals, including the mastermind, Mr. A, for violating the Specific Economic Crimes Act. Four of the suspects have been detained. The gang is accused of deceiving 133 victims through a fake virtual asset trading site from April 2022 for seven months. They promised high profits if the victims invested in coins. The gang successfully embezzled around 9 billion won (approximately $7.2 million). The investigation revealed that the gang created a fake virtual asset site and promised high returns on investments in coins. The victims were deceived into believing that they could make significant profits by investing in these coins. However, the site was a sham, and the gang simply pocketed the victims' money. The police have seized evidence, including computers and documents, from the gang's offices and homes. The investigation is ongoing, and further arrests are possible. The police are urging investors to be cautious when investing in virtual assets and to only invest with reputable companies.

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