Victims Exceed 1,400 in eSIM Investment Scam Promising 'BTS Concert Boom'

The number of victims claiming they were defrauded by a company that recruited eSIM investment investors by leveraging the upcoming BTS concert boom has exceeded 1,400.

According to the Anti-Corruption and Economic Crime Investigation Unit of the Incheon Metropolitan Police Agency, as of the 14th, the number of victims who have filed complaints alleging fraud by Company A, an Incheon-based eSIM seller, reached 1,440.

When the case first began to draw public attention on June 25, the number of victims who had filed complaints stood at 132, but the number surged following the transfer of cases from other regions and additional filings.

The victims explained that Company A recruited investors by making claims such as, "With the increase in foreign tourists, the demand for eSIMs is explosive, so your principal is completely safe," and "You can make even greater profits due to the BTS concert boom."

The victims also claimed that Company A committed the crimes through a so-called Ponzi scheme, paying out profits to existing investors using funds from new investors.

It was found that some elderly victims invested their entire life savings into Company A, while some young adults recently entering society took out excessive loans to secure investment funds.

Police have booked the head of Company A and others on charges including fraud and violations of the Act on Regulation of Similar Receiving Businesses, and are currently investigating the case.

An eSIM is a digital SIM embedded directly into a smartphone, and the victims claim that the company deceived them into believing high profits could be generated by running a business selling South Korean eSIMs to foreigners.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.