Foreign gang arrested for trying to export imported cars bought with proceeds from stock investment scams

[Financial News] A group of foreign nationals who bought six imported cars with money stolen through stock investment advisory scams and tried to smuggle them into Kazakhstan was caught by police.
The Busan Metropolitan Police Agency’s Anti-Corruption and Economic Crime Investigation Unit said on the 22nd that it had booked six foreign nationals, including A, who is in their 20s, on suspicion of fraud and violations of the Act on Regulation and Punishment of Criminal Proceeds Concealment, the Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss, and other laws. Five of them were arrested.
A and the others are suspected of setting up a fake securities company website and defrauding seven people of a total of about 360 million won around last June. They are also suspected of using the money to buy six imported cars and attempting to launder the funds by smuggling them into Kazakhstan.
According to police, they detected indications that the victims’ money had flowed to B, an export company operated by a foreign national. After executing search and seizure warrants several times, they confirmed the group’s alleged crimes and its attempt to smuggle the cars. Police then asked Incheon Main Customs to suspend export clearance for the six vehicles bought by the group and, working with customs, seized four vehicles awaiting export, with a market value of about 300 million won.
The police investigation found that the group comprised three Kazakh nationals and three Libyan nationals. They had divided up roles, with A overseeing operations and others acting as recruiters, two used-car deal coordinators, money remitters and so on. They planned to disguise the proceeds of the investment advisory scams as vehicle export payments and split the profits.
Police plan to share information with Kazakhstan’s investigative authorities about the vehicles already exported and the people involved in laundering the money, and to conduct a joint international investigation. The four seized vehicles will be handed over to the Prosecution Service for public auction, with the proceeds to be returned to the victims.
A police official said, “Reports of victims of investment advisory scams continue to come in, even recently, after they are lured through social media channels such as YouTube. These scam organizations act like ordinary financial institutions, making it easy for members of the public to be deceived.” The official urged people to be cautious, saying, “The moment you click on their ads or other content, you can fall into the trap set by these investment scam organizations. If you suspect you may have been victimized, please report it immediately.”
[email protected] Byun Ok-hwan Reporter