Recently the police finally caught him.
On August 29 KST, Korean police announced that they had arrested the perpetrator of a cryptocurrency scam after months of pursuit.
The man in his 40s, identified as “A,” was arrested earlier this month for defrauding 158 victims between November 2021 and June 2022. He promised them an 18% monthly return on their investment in a so-called cryptocurrency mining business. According to the Seoul Metropolitan Police Agency, each of the victims lost amounts ranging from ₩1.20 million KRW (about $901 USD) to ₩250 million KRW (about $188,000 USD).
After defrauding investors of ₩16.0 billion KRW (approximately $12.0 million USD), “A” failed to appear at a detention hearing in prison last September. The court then issued an arrest warrant and the police began hunting him.
According to the police, “A” managed to evade authorities for ten months by altering his appearance through plastic surgery and wigs. He underwent surgical alterations to his eyes, nose, and facial contours, all at a cost of approximately ₩21.0 million KRW (approximately $15,800 USD). The police found that “B,” the head of a law firm employed by “A,” connected him with the plastic surgery clinic and wig company to help him escape.
The police had to track down the culprit using phone records, internet search histories, and surveillance footage. Finally, after a ten-month chase, he was caught in an apartment in Guri, Gyeonggi Province. According to the police, the man used the money he had defrauded his victims of to build a new house. When he was arrested, they also found ₩100 million KRW (about $75,100 USD) in cash at the scene.
During the arrest, the culprit reportedly showed no remorse. In addition to the money, the police also confiscated ₩1.30 billion KRW (approximately $976,000 USD) of assets belonging to “A” and others involved in this scam. All accused parties are now awaiting indictment.
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