South Korean Police Officer Charged in $509k Crypto Fraud Probe

A serving South Korean police officer has been charged with fraud and embezzlement as part of an investigation into a suspected 700 million won ($509,200) crypto fraud scheme.

Newsis reported on June 11 that Incheon Metropolitan Police Agency’s Anti-Corruption and Economic Crime Investigation Unit sent the case, involving an unnamed senior superintendent from the Incheon West Police Station, to local prosecutors.

Investigators believe the officer duped “about 10 victims” by promising them “guaranteed profits” if they invested in a crypto-related project.

South Korean Police: ‘Crypto Fraud’ Officer Facing Prosecution Investigation

The unit began investigating the matter earlier this year, after receiving multiple complaints about the officer.

The Incheon Metropolitan Police Agency responded by suspending the officer. A spokesperson for the agency told the media outlet:

“We can confirm that we have received several complaints about this police officer. However, we cannot reveal any more details about the [alleged] crime.”

In April, the same media outlet reported that a group of nine complainants claimed the Senior Superintendent had caused damages worth approximately 1.7 billion won ($1.2 million).

At the time, the news outlet wrote that the number of related complaints was “increasing” as the probe continues.

Crypto-related crime is on the rise in Incheon. The city has seen a sharp increase in USDT-related over-the-counter thefts this year.

USDT Thefts on Rise in Incheon

Police say a growing number of crypto traders are agreeing to cut-price deals for USD-pegged stablecoins after speaking in open chatrooms on chat apps like KakaoTalk and Telegram.

In many cases, these deals turn out to be bogus. Thieves often trick their victims before running off with thousands of US dollars’ worth of cash.

Elsewhere in the country, a branch of the Seoul High Court has granted bail to Ahn Sung-hyun, the former South Korean golf pro accused of bribing crypto exchange officials to help list altcoins.

Yonhap reported that the court placed a travel ban on Ahn. It also ordered him to pay a surety bond of 50 million KRW ($36,493).

Ahn is most famous as the husband of K-pop star Sung Yu-ri. Sung is a former member of the chart-topping all-female group Fin.K.L. The golfer was convicted of embezzlement in December last year.

A district court judge jailed Ahn for four years and six months. His legal team has appealed the verdict.

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