Police Arrest Seven for Cryptocurrency Mining Investment Fraud
CryptoNewsTerminal Staff03 Jun, 2024
Police Arrest Seven for Cryptocurrency Mining Investment Fraud
The Incheon Metropolitan Police Agency has arrested seven individuals for their alleged involvement in a cryptocurrency mining investment fraud scheme. The suspects, including the organization's head, Mr. A, and operations manager, Mr. B, were charged with organizing and joining a criminal organization, fraud, and other offenses. The group is accused of defrauding 69 victims out of approximately 712 million won (around $560,000) between February 14 and March 4. They allegedly lured victims with promises of high returns on investments in virtual asset miners. Six additional individuals, including call center employees, were also charged in connection with the scheme. The police investigation revealed that the suspects operated a call center where they contacted potential victims and persuaded them to invest in cryptocurrency mining equipment. They promised high returns on investments, but the victims never received any profits. The arrests are a reminder of the risks associated with investing in cryptocurrencies and other unregulated financial products. Investors should always thoroughly research any investment opportunity before committing funds.
