South Korean Gang Arrested for $11.96 Million Fraud

According to Foresight News, a South Korean gang has been arrested for defrauding approximately 16 billion won (around $11.96 million). The Seoul Metropolitan Police Agency's Urban Investigation Division's Financial Crimes Investigation Unit reported that between November 2021 and June 2022, the criminals deceived 158 victims, collecting around 16 billion won from them. The gang leader, identified as 'A', embezzled about 4.5 billion won and has been arrested on charges of fraud, violating the Quasi-Receipt Act, and breaching electronic laws. 'A' employed various methods to evade capture, including undergoing cosmetic surgeries worth approximately 21 million won for double eyelids, nose, and facial contouring, and wearing wigs. He frequently changed residences with the help of acquaintances and used fake phones and bank accounts. The police seized and confiscated 100 million won from 'A's hideout upon his arrest and recovered assets worth 1.3 billion won from 'A' and his associates before prosecution.