TechFlow news, on September 9, according to News1, South Korean police announced the arrest of eight suspects allegedly involved in money laundering for Chinese telecom fraud gangs. These suspects assisted Chinese criminal organizations by converting fraud proceeds into cryptocurrency.
According to the Yangju Police Station in Gyeonggi Province, the gang helped a Chinese telecom fraud organization launder 280 million won (approximately USD 208,000) in May 2024, which was defrauded from six victims. The criminals used fake bank accounts to launder money, converting the illicit funds into cryptocurrency before transferring them to the Chinese organization. In return, they received commission fees ranging from 10% to 40% of the transaction amount.
To evade police detection, the gang members communicated exclusively via Telegram. Authorities first arrested subordinate cash-withdrawal operatives, then traced accomplices by analyzing smartphones and CCTV footage, eventually apprehending the fugitive gang members one by one in Hwaseong City, Gyeonggi Province, and Daegu City.
