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Five South Korean nationals were arrested in the Philippines for allegedly running a fraudulent cryptocurrency investment scheme that defrauded victims of over $2.9 million. The Bureau of Immigration (BI) conducted the operation following a request from the South Korean government, which sought assistance in locating and deporting the suspects.
Details Of The Arrest
The arrests took place on November 16, 2023, when agents from the BI’s fugitive search unit (FSU) raided the residences of the suspects in Alabang, Muntinlupa City. The individuals apprehended were:
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Ha Doo-gyun, 25
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Kim Jung-ho, 25
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Lee Sun-yeob, 25
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Kim Tae-min, 26
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Yun Song-wook, 22
According to Immigration Commissioner Joel Anthony Viado, the group is accused of running a large-scale fraud syndicate through a fake cryptocurrency website. They allegedly deceived hundreds of victims into investing more than 4 billion won (approximately $2.9 million) in fraudulent projects since the beginning of 2023.
Legal Proceedings
The South Korean government requested the BI's assistance in locating the suspects, who are also subjects of Interpol red notices. A warrant for their arrest was issued by the Seoul District Court on September 14, 2023. The suspects are currently facing fraud charges in South Korea, and their deportation is being processed.
Related Arrests
In a separate operation on November 15, 2023, immigration authorities apprehended another South Korean fugitive, Park Suk-il, 57, at the Newport Mall in Pasay City. Park is wanted for larceny and had previously been ordered deported in February 2015 for being an undesirable alien. He is accused of stealing construction materials valued at over 2.2 million won (around $1,576).
Current Status
All six South Koreans, including the five arrested for the cryptocurrency scam and Park Suk-il, are currently detained at the BI warden facility in Camp Bagong Diwa, Taguig City, while awaiting deportation. The BI continues to work closely with South Korean authorities to ensure that justice is served and that the victims of these scams are acknowledged and compensated where possible.