Seoul Police Uncover Major Money Laundering Operation Involving Family Members

Seoul's Jungnang Police Station has dismantled a money laundering ring primarily composed of family members and relatives. According to ChainCatcher, the group operated an unregistered virtual asset exchange in Seoul's Myeongdong district, converting cash obtained from phone scams into Tether (USDT) and transferring it overseas. The laundering operation is suspected to involve several billion Korean won. Additionally, the group exploited rising precious metal prices by purchasing gold through cross-border virtual asset transactions and exporting it for profit. Authorities have arrested 19 suspects, with four individuals, including the main money laundering suspect, identified as A, aged 46, currently in custody. The head of the fraud organization, identified as B, aged 44, has fled abroad, and police are actively pursuing him. The investigation has so far seized criminal proceeds, including cash, silver balls, and gold bars, totaling approximately 6 billion Korean won.