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The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit has recently detained 14 people linked to a $12.8 million (16 billion won) cryptocurrency mining fraud.
Ringleader Goes to Extremes to Avoid Arrest
The main suspect, identified only by his surname Lee and in his 40s, took drastic measures to avoid capture, including undergoing plastic surgery. On August 30, authorities announced that Lee was finally apprehended after a 10-month manhunt.
Lee is alleged to have orchestrated a fraudulent virtual asset mining operation that defrauded 158 individuals between November 2021 and June 2022. He reportedly embezzled 4.5 billion won ($3.6 million) from the total 16 billion won collected from investors.
To maintain the illusion of legitimacy, Lee used a network of recruiters, including four top headhunters and four mid-level agents, to convince victims of the scheme’s profitability.
Investigation Reveals Complex Evasion Tactics
The scheme began to collapse in July 2022 when the Seoul Metropolitan Police launched an investigation after receiving 21 complaints against Lee from various police stations nationwide.
The probe revealed that Lee spent 20 million won on plastic surgery to alter his appearance and avoid detection. Despite his efforts, he was eventually captured earlier this month after evading arrest since September of the previous year.
During his time on the run, Lee was reportedly assisted by the office manager of his law firm, who helped him by arranging the surgery and providing him with a fake phone to mislead investigators.
In addition to Lee, eight recruiters involved in the fraud were also arrested and have been referred to the prosecution in September of last year and earlier this month.
This case highlights the extreme lengths that fraudsters will go to in order to avoid justice and the ongoing efforts by law enforcement to tackle such crimes.
