Mastermind

Million

when

The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit has reportedly apprehended 14 individuals involved in a $12.8 million (16 billion won) crypto mining scam.
The operation’s ringleader, a man in his 40s identified only by his surname Lee, went to extraordinary lengths, including undergoing plastic surgery, to avoid detection by law enforcement.
<h2 id="mastermind-had-plastic-surgery-to-evade-capture">Mastermind Had Plastic Surgery to Evade Capture</h2>
Authorities in the South Korean capital <a href="https://imnews.imbc.com/news/2024/society/article/6631677_36438.html" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">announced</a> on August 30 that Lee had been taken into custody after a 10-month manhunt.
He is accused of organizing a fraudulent virtual asset mining business that swindled 158 victims out of their investments between November 2021 and June 2022.
According to the police, the suspect embezzled 4.5 billion won ($3.6 million) of the total 16 billion won collected from the victims. To maintain the illusion of a legitimate operation, he employed a network of recruiters, including four top headhunters and four middle-level agents, who were instrumental in convincing people of the business’s supposed profitability.
The scheme began to unravel in July 2022, when the Seoul Metropolitan Police Agency initiated an investigation after compiling 21 lawsuits and accusations filed against the perpetrator across various police stations nationwide.
The probe revealed the elaborate lengths to which Lee went to avoid capture, including spending 20 million won on plastic surgery to alter his appearance and evade authorities.
<h2 id="suspect-apprehended-after-10-month-manhunt">Suspect Apprehended After 10-Month Manhunt</h2>
Despite his efforts, the alleged criminal’s luck ran out when police arrested him earlier this month. He had been on the run since September of last year after failing to appear for a substantive examination of his arrest warrant.
During his time in hiding, Lee was reportedly assisted by the office manager of the law firm he had hired. The office manager allegedly helped him escape by finding a plastic surgery clinic willing to perform the procedures and providing him with a fake phone to throw off investigators further.
In addition to his arrest, authorities also apprehended the eight recruiters who played key roles in the fraudulent operation. These individuals were handed over to the prosecution in September of last year and earlier this month, respectively.
The post <a href="https://cryptopotato.com/seoul-police-arrest-14-in-12-8-million-crypto-mining-fraud-report/" rel="noopener noreferrer nofollow">Seoul Police Arrest 14 in $12.8 Million Crypto Mining Fraud: Report</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Seoul Police Arrest 14 in $12.8 Million Crypto Mining Fraud: Report

Table of Contents

CryptoPotato_News

Other articles published on Aug 31, 2024

Bitcoin to Face Huge Selling Pressure in September

Apple and Nvidia Poised to Supercharge OpenAI with Billion-Dollar Boost

XRP Whales Begin To Offload Millions Ahead Of Ripple’s $125M Settlement

Bitcoin mining cuts methane emissions, study finds

Justin Sun Discusses Real Estate and Cryptocurrency Preferences

Litecoin Shows Remarkable Performance Despite Bitcoin’s Decline

Join our free newsletter for daily crypto updates!