Seol’s Central Customs is currently investigating 33 people allegedly in the illegal overseas cryptocurrency transactions of 1.69 million won (USD 1.48 billion) in South Korea.
According to the report, the individuals were caught during a pan-governmental investigation. They are now charged with committing financial crimes such as money laundering and fraud. While 15 of the suspects are fined, 14 of them currently prosecuted. Another four are still being investigated.
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“Virtual asset transfers under the guise of trade, travel or study expenses are strictly prohibited,” a Seoul customs officer stated, adding that those guilty of violations will be charged and prosecuted.
The individuals were caught as part of a pan-government investigation and have allegedly committed financial crimes such as fraud and money laundering. Namely, 14 suspects are currently being prosecuted, 15 were fined, and another four continue to remain under investigation.
The criminal act fell under three categories
The investigation was carried out from April to September 2020, with a focus on crimes related to cryptocurrencies and other digital currencies for money laundering and fraud.
Lee Dong-Hyun of the Seoul Central Customs, who detailed the investigation, said that the criminal act fell under three categories.
The first group was involved in foreign exchange trading, which is completely prohibited in South Korea.
The investigation revealed that about 50% ($700 million) of the funds are connected to illegal foreign exchange. It was also discovered that a third party was involved in the transfer of a large amount of the funds after it was withdrawn from a crypto exchange.
About $680 million of the alleged funds were transferred for fortified remittance records during the overseas purchase of crypto assets. A further $83 million were from cash withdrawals from overseas to make crypto purchases using Korean credit cards.
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