South Korean police send 86 in alleged crypto investment scam to prosecutors

South Korean police have sent 86 people, including two alleged ringleaders, to prosecutors over a suspected pseudo-deposit scheme that used overseas listed coin investments and electric vehicle battery investments as bait, according to Newsis. South Korea’s North Chungcheong Provincial Police Agency said on Nov. 10 that its anti-corruption and economic crime unit placed two people, including a suspect identified only as A, under arrest and referred 84 other alleged members without detention. The group is accused of collecting investment funds by promising high returns and defrauding around 75,000 people of 10.2 billion won, or about $7.4 million, from September last year to September this year. Most victims were age 60 or older, and investigators believe the group continued the scheme by exploiting victims’ limited familiarity with financial terminology. Police said they 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 tied to the criminal organization’s corporate entity, and froze virtual assets worth about 10.65 billion won.