Police Officer Implicated in Cryptocurrency Fraud Case
An active police officer in South Korea has been implicated in a fraud and embezzlement case linked to a cryptocurrency scam estimated to have defrauded around 700 million won (approximately $509,200). According to reports from Newsis on June 11, the Anti-Corruption and Economic Crime Investigation Unit of the Incheon Metropolitan Police Agency has referred this case to local prosecutors.
The officer, a senior superintendent from the Incheon West Police Station, allegedly deceived about ten victims, luring them with promises of assured returns from investments in a cryptocurrency venture.
Investigation and Suspension
The investigation, which started earlier this year, followed a series of complaints lodged against the officer. In response to these allegations, the Incheon Metropolitan Police Agency has placed the officer on suspension. Reports from April indicated that a group of nine victims claimed that the superintendent’s actions resulted in losses totaling around 1.7 billion won (around $1.2 million). There has been an observable uptick in complaints as the inquiry unfolds.
Rising Cryptocurrency Crimes
In recent times, Incheon has witnessed a surge in cryptocurrency-related crimes, particularly involving the theft of USDT, a stablecoin pegged to the US dollar. Police officials have noted an alarming trend wherein more cryptocurrency traders are engaging in under-the-table transactions after communicating in public chat rooms through apps like KakaoTalk and Telegram. Such dealings have often turned out to be fraudulent, with criminals taking off with substantial amounts of cash.
Notable Case: Ahn Sung-hyun
In a separate but notable case, Ahn Sung-hyun, a former professional golfer and husband of K-pop singer Sung Yu-ri, has been granted bail by a branch of the Seoul High Court. Ahn faces allegations of bribing officials at a cryptocurrency exchange to facilitate the listing of altcoins. The court has restricted his travel and demanded a surety bond of 50 million won ($36,493). Ahn was previously convicted for embezzlement and sentenced to four years and six months in prison, a ruling that he is currently appealing.
