A major South Korean fraud syndicate operating from a resort in Pattaya, Thailand, has been dismantled after allegedly stealing 21 billion won ($15.1 million) from nearly 900 Korean victims.
Authorities said the group, calling itself “Lungeo Company,” ran a sophisticated operation combining multiple scam types, including romance scams, cryptocurrency fraud, no-show scams, and impersonation of public institutions.
The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit confirmed that 25 members were arrested, with 21 already detained in South Korea.
Nine others, including the alleged ringleader known as “Jaryong,” remain in Thai custody while extradition proceedings continue.
Thai police initially raided a Pattaya resort in June, arresting 20 suspects.
Collaborative investigations with South Korean authorities eventually identified senior operatives, leading to further arrests.
Investigators described the group as highly organised, dividing members into specialised teams.
The romance scam team reportedly used social media photos to pose as potential partners, convincing victims to deposit money on fake websites with promises of shared trips.
Another team obtained data from a lottery recommendation site, claiming to offer refunds or compensation for personal data leaks, then luring victims into purchasing fake cryptocurrencies.
The no-show scam team reportedly impersonated celebrities, hospitals, military units, and corporations, placing bulk orders and pressuring small businesses to pay in advance for goods that never arrived.
A separate agency-impersonation team pretended to represent prosecutors or financial authorities, demanding payments under the pretext that the victim’s account was linked to crimes.
Police said the group tightly controlled its members’ daily lives.
A criminal organization operating out of a workshop in Pattaya, Thailand, stole 21 billion won from victims in their home country.
Leaders confiscated passports, restricted phone use, limited outings, and closely monitored stays.
Members who clashed with the ringleader reportedly faced physical assaults.
Workshops were held to reward high-performing members, reinforcing a culture of control and compliance.
Yim Jung-wan, head of the second economic crime investigation unit, indicated that investigators are now exploring possible connections to other fraud groups.
“We will expand the investigation to determine how the group obtained databases used in the scams and how it laundered its criminal profits.”
Police have warned Koreans to remain cautious online, highlighting the increasingly sophisticated nature of cross-border fraud schemes and urging vigilance against seemingly legitimate offers or requests for payments.
Authorities noted that the name “Lungeo Company” combines Chinese pronunciations for “dragon” and “older brother,” drawn from the ringleader’s alias, “Jaryong,” with “ryong” translating to “dragon” in Korean.
This naming symbolised the centralised control and influence exerted by the leader over the organisation’s operations in Thailand.
The investigation continues as authorities work to repatriate suspects, uncover additional offices, and trace the flow of illicit funds linked to the syndicate’s extensive criminal network.
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