According to BlockBeats, on September 9, according to News1, the South Korean police announced that they had arrested 8 suspects who were suspected of money laundering for Chinese telecommunications fraud gangs. These suspects assisted Chinese criminal organizations in money laundering by converting the proceeds of the fraud into cryptocurrencies.
According to the Yangju Police Station in Gyeonggi Province, the gang assisted a Chinese telecom fraud organization in laundering 280 million won (about $208,000) defrauded from six victims in May 2024. The criminal gang used fake bank accounts to launder the money, converting the proceeds of the fraud into cryptocurrency and transferring it to the Chinese organization. In return, they received exchange fees ranging from 10% to 40% from the Chinese organization.
To evade police pursuit, the gang members only communicated through Telegram. The police first arrested the downline cash withdrawal personnel, and then tracked down the accomplices by analyzing smartphones and CCTV footage, and finally arrested the hiding gang members one by one in Hwaseong City and Daegu City, Gyeonggi Province.
