South Korean police dismantle illegal investment reading rooms targeting stock loss victims

Police in Pohang, South Korea arrested a cash‑collector and three accomplices of an illegal investment reading room that impersonated a popular stock‑market YouTuber. The group is accused of extracting about 5.9 billion won in cash and gold bars from victims in the region by promising a 580 % return and using a fake app to collect funds.

Separately, detectives in Bucheon seized the leaders of another reading‑room operation that lured investors who had suffered stock losses into virtual‑asset scams. Five senior figures were detained and 56 others were charged, bringing the total to 61 suspects. The scheme defrauded 81 victims of roughly 33 billion won by claiming a new domestic cryptocurrency would be listed and generate high returns. Authorities recovered about 9.9 billion won of illicit proceeds and noted the group’s use of call centres and fabricated trading activity to convince investors.