Police take KRW 200m (US$146,000) and preserve KRW 1.9bn in assets. South Korean police arrested seven individuals for operating large-scale illegal gambling ring. The ring used a fake home trading system (HTS) to simulate overseas futures trading. The Chosun Daily reported this news. Incheon Metropolitan Police Agency announced the suspects included a man in his 40s identified as Mr A. Mr A developed the pseudo HTS program. Mr B, a man in his 30s, managed the main gambling operation.
Both face charges under the Capital Markets Act for operating an unauthorised investment market and an illegal gambling site. Police booked an additional 138 people without detention. This included 23 site operators and 115 gambling participants. Mr A sold the fraudulent HTS to Mr B’s group for a profit of around KRW 3.4bn. He received monthly usage fees of between KRW 5m and KRW 7m.
Nationwide Illegal Betting Network Exposed
Investigators said Mr B’s network distributed the program to 20 local partners nationwide. The operation generated an estimated KRW 27bn through bets linked to overseas indices such as the Nasdaq and Hang Seng. Participants deposited at least KRW 300,000. Wagered amounts reached up to KRW 400m each. Some players who made profits were expelled by site operators to limit payouts.
Authorities seized KRW 200m in cash and luxury watches from Mr B’s residence. They placed preservation orders on KRW 1.9bn in assets, including property and vehicles. Police pursue confiscation of KRW 1.2bn from Mr A’s software company. The police spokesperson said investigations into illegal platforms posing as legitimate investment services will continue. The public should remain alert to fraudulent schemes spread via phone or social media.
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