Counterfeit Currency Ring Busted in South Korea
A group attempting to use counterfeit 50,000 won bills in cryptocurrency transactions has been caught by police in South Chungcheong Province.
The suspects printed thousands of fake banknotes and attempted to scam crypto investors, but their plan collapsed after the poor quality of the bills was detected.
Attempted Cryptocurrency Scam Using Counterfeit Bills
On December 19, the Chungnam Police Agency announced the arrest of two men in connection with a counterfeit currency and fraud case.
The suspects, identified as A in his 40s and B in his 30s, were charged with counterfeiting and fraud, while a third accomplice, C in his 30s, remains under investigation.
The group attempted to carry out a stablecoin transaction using counterfeit cash near Cheonan-Asan Station in Asan, South Chungcheong Province, last September.
Large-Scale Counterfeit Production Revealed
Police investigations revealed that the suspects printed a total of 9,188 counterfeit 50,000 won bills.
The fake currency amounted to approximately 459.4 million won in face value.
The group produced the counterfeit money using a color printer and planned to use it in cryptocurrency transactions.
They sought potential investors online, targeting individuals interested in stablecoin deals.
Scheme Exposed by Investor
The scam unraveled when a cryptocurrency investor noticed the unusually poor quality of the bills.
Suspecting counterfeiting, the investor immediately refused the transaction.
A report was made to the police, which led to the exposure of the entire scheme.
Arrests and Ongoing Investigation
A and C were initially arrested in October and November of last year.
However, suspect B managed to flee overseas and remained at large for some time.
After further investigation, police arrested B at Incheon International Airport on November 5, shortly after he returned from China.
Suspects’ Statements and Legal Status
The suspects told police that they were long-time friends.
They claimed that unemployment and financial hardship drove them to commit the crime.
According to police, A and B have been formally sent to prosecutors.
Meanwhile, C remains under investigation without detention after an arrest warrant was denied.
A police official stated that authorities plan to seek a new arrest warrant for C once the investigation is fully concluded.
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