Investment Scam Ring Promising 'Short-Term High Returns' Busted at Cambodian Resort... 54 Arrested

[Financial News] A financial fraud ring operating in the Kingdom of Cambodia lured investors with promises of 'short-term high returns,' defrauding them of 19.4 billion KRW before being apprehended by police.
The Metropolitan Investigation Unit Detective Mobile Team of the Seoul Metropolitan Police Agency (SMPA) announced on the 6th that it had arrested 54 members of a group that committed financial fraud based out of a Cambodian resort, detaining 18 of them. Seventeen suspects currently overseas had their passports invalidated, and police have requested a red notice from the International Criminal Police Organization (INTERPOL).
According to police, from February last year to July this year, the group advertised 'guaranteed short-term high returns through Initial Public Offering (IPO) investments' to steal investment funds. They impersonated overseas financial investment experts, provided free reports, and used a fake, self-developed stock trading app to defraud 229 victims of 19.4 billion KRW.
The organization, led by a Chinese ringleader, hired multinational personnel including Koreans and Thais, and was structured into headquarters, operations, call center, and laundering teams. In the Kingdom of Cambodia, they rented an entire resort for use as offices and accommodations, operating in a corporate-style structure.
They established a 'scam center' near the Kingdom of Cambodia–Thailand border, leveraging internet access and mobility. The group moved between resorts, impersonated four global financial companies, and operated a call center with hundreds of members living together. According to police, incentives were paid based on performance, and some members faced punitive control measures. Most call center staff were young people in their 20s and 30s attracted by promises of high-paying overseas part-time jobs.
The group built trust by returning small profits to victims, then encouraged further investment by promising even greater returns. Once a certain amount was collected, they shut down the app and disappeared, employing the so-called 'Pig Butchering Scam.'
Money laundering was conducted using a multi-level structure known as 'layered money laundering.' The stolen funds were moved through borrowed-name accounts, corporate accounts, cash, Virtual Assets, and overseas digital wallets, making tracking difficult. Police stated that they had identified related accounts and blocked withdrawals exceeding 200 million KRW.
Last October, police, in a joint operation with local authorities in the Kingdom of Cambodia, arrested two members of the organization. In May, they apprehended Mr. A (37), the Korean manager known as 'Victory,' in Vietnam and extradited him to Korea.
An SMPA official warned, "Scam centers in places like the Kingdom of Cambodia are essentially overseas scam industrial complexes. Most advertisements promising short-term high returns and principal guarantees are scams involving overseas organizations." Police are operating a 'special voluntary surrender and reporting period for overseas scam crimes' until the end of the year.

425_sama@fnnews.com Choi Seung-han Reporter