South Korean police dismantle major voice phishing and fraud syndicates

South Korean law enforcement agencies have dismantled several organized crime syndicates involved in large-scale voice phishing, money laundering, and various fraud schemes.

In Daegu and Daejeon, police arrested 46 individuals, including members of organized crime groups, for distributing illegal bank accounts used in phishing and gambling. The group recruited account holders by offering between 2 million and 5 million won per account and provided false testimony scenarios to evade investigation. Approximately 1.9 billion won was laundered through these accounts.

In Jeju, a major syndicate was intercepted after defrauding 1,341 victims of 10.8 billion won. Their methods included using AI-generated images for second-hand goods scams, gold bar sales scams targeting older citizens, and impersonating public institutions for “no-show” scams. Police have issued an Interpol Red Notice for a key money laundering leader located abroad.

Additionally, a group operating in coordination with Chinese syndicates was apprehended for laundering 300 million won via cryptocurrency. In recognition of efforts to combat these crimes, the National Police Agency and KB Kookmin Bank held the 4th KB Kookmin Jikimi Awards, honoring citizens and professionals, including a Bithumb employee who blocked 3.8 billion won in fraudulent transfers, for their roles in preventing financial crimes.