South Korea police bust 460 billion‑won voice‑phishing money‑laundering network

South Korean police have dismantled a nationwide money‑laundering operation that used hundreds of dummy bank accounts (대포통장) to conceal more than 460 billion won (about $350 million) obtained from voice‑phishing and fraudulent investment scams.

The investigation, led by the Seoul Metropolitan Police Cyber Crime Division, resulted in the arrest of 109 suspects across Seoul, Daegu, and Hwaseong, including three leaders who were former gang members. The scheme recruited young locals from Chungbuk and paid participants 2 % of laundered funds as a fee, offering monthly wages of 2.5‑10 million won. Funds were split across dozens of personal accounts and often converted into fake gift‑certificate companies.

Authorities describe a structured hierarchy—chief, manager, laundering, and account‑supply roles—and note that members even produced internal guides to protect each other from exposure. In response, the Supreme Court’s administrative office is working to block ghost‑company formations, and the Financial Services Commission convened a meeting to curb dummy‑account usage.