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Scam ringleader wanted for kidnapping Koreans in Golden Triangle caught in Laos

Published: 25 Feb. 2025, 15:21 Updated: 26 Feb. 2025, 19:54

KIM MIN-YOUNG
[email protected]

The ringleader of an investment fraud group, center, is being repatriated to Korea in this file photo provided by the Daegu Metropolitan Police Agency on Feb. 25. [DAEGU METROPOLITAN POLICE AGENCY]

International law enforcement authorities caught the accused co-ringleader of an investment scamming group that not only defrauded Koreans out of tens of billions of won but also kidnapped people after luring them to Southeast Asia's "Golden Triangle" with job offers.

The Daegu Metropolitan Police Agency said Tuesday that it caught the alleged ringleader — a man in his 30s — as he was departing for Cambodia from Wattay International Airport in Laos last month and repatriated him to Korea.

The suspect's ring set up its base in areas such as the unstable northern region of Myanmar — in Southeast Asia's notorious Golden Triangle — and then lured Korean investment counselors with job offers before kidnapping and forcing them to work against their will, investigators say.

The ringleaders organized the group into units, including recruitment officers and counselor teams.

The recruitment officer approached interested individuals by promising overseas employment and high returns, even purchasing airline tickets to lure them abroad.

The counselor team impersonated managers at reputable investment banks, persuading potential marks to install a specific application, which they used to deceive victims by creating the impression that they earned profits from stock and virtual asset investments using dummy accounts.

The criminals also reassured victims before encouraging them to pool their funds for significant profits. When victims later demanded refunds, the fraudsters stalled by claiming that a fee was required to withdraw money, then cut off contact and disappeared.

Daegu police caught the other ringleader of the scam in May last year. In that wave of arrests, the police busted 19 of 37 group members on racketeering and fraud charges, accusing them of defrauding 342 victims out of 27.3 billion won ($19.1 million). Five were detained.

The police asked Interpol to issue a red notice for the remaining ringleader and group members on the run and have tracked their whereabouts ever since.

Investigators believe the suspected ringleader and his ring perpetrated even more overseas investment scams while on the run, defrauding 122 victims of 10.3 billion won.

This increased the number of victims and damages to 464 individuals and 37.6 billion won.

Over 10 group members — caught in May last year tried on charges including inducement for profit, violent acts and violations of laws on criminal organization activities — received sentences of 8 years in prison in their first trials, among other punishments.

BY KIM MIN-YOUNG [[email protected]]