Police Investigate Cryptocurrency Scam Involving Active-Duty Police Officer, Estimated Damages at 2.7 Billion Won

An active-duty police officer is among a group under police investigation on allegations of pocketing more than 2 billion won in investment funds under the guise of a cryptocurrency mining business.

The Anti-Corruption and Economic Crime Investigation Unit of the Gyeonggi Nambu Provincial Police Agency announced on the 8th that it has booked and is investigating 16 individuals, including Inspector A assigned to a police station in the province, on charges of fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes and violations of the Door-to-Door Sales Act.

They are accused of traveling across the country to recruit investors with promises of making a fortune by investing in a cryptocurrency mining business and then taking off with the investment funds.

So far, police have identified 17 victims, with total damages amounting to 2.7 billion won.

Police launched the investigation after receiving the first complaint in May 2024.

The investigation was expanded as additional complaints from more victims followed.

A police official stated, "We are investigating the specific details of the suspects' collusion and the flow of criminal proceeds, while also checking for any other accomplices."

Inspector A, suspected of participating in the crime, has been suspended from duties.

Investigations are currently underway regarding Inspector A's specific role and the circumstances of involvement in the crime.

(Photo provided by Gyeonggi Nambu Provincial Police Agency, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.