South Korean police smashed a virtual currency fraud gang involving about 16 billion won, and the suspect evaded arrest by undergoing plastic surgery

South Korean police have smashed a virtual currency fraud gang involving about 16 billion won (about 11.96 million U.S. dollars). From November 2021 to June 2022, the gang deceived 158 victims and defrauded about 16 billion won in funds. The gang leader A, who embezzled about 4.5 billion won, was arrested on suspicion of fraud, violation of the Quasi-Receipt Act and the Electronic Act. A used various means of escape to evade police investigation for 10 months. He underwent double eyelid, nose, and facial contour surgery worth about 21 million won, and wore a wig. A also frequently changed his residence with the help of acquaintances, used fake mobile phones and fake bank accounts. The police seized and confiscated 100 million won from the hiding place where A was arrested, and seized 1.3 billion won in assets from A and others before prosecution. (Heraldcorp)