'Cambodia Stock Chat Room' Scam Ring That Swindled 9.9 Billion Won: 9 Members Referred in Custody

Impersonating Well-Known Stock Experts; 59 Victims Identified
Fake Securities App Created to Fabricate Returns
International Cooperation Leads to Complete Takedown; Ringleader Deported

An investment fraud ring based in Cambodia that swindled 9.9 billion won using a fake stock investment platform has been handed over to the prosecution. The group lured victims by exploiting the YouTube channels of well-known, real stock experts. Among the victims were many professionals, including doctors and tax accountants.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the 11th that it had detained and referred nine members of a Cambodian stock recommendation chat room organization, including an individual identified as A, on charges of fraud and participation in a criminal organization. One additional member was referred without detention. Another member, who had been hiding in Cambodia, is awaiting repatriation to Korea, while the foreign ringleader, believed to be Chinese, has been deported to their home country. In addition, police have secured a pre-indictment preservation order for criminal proceeds totaling 273 million won.

In February, local police in Cambodia arrested a Korean member of a stock recommendation chat room organization at a hotel in Sihanoukville, Cambodia. Seoul Metropolitan Police Agency

From February 2024 to February this year, A and others are accused of deceiving 59 victims out of approximately 9.9 billion won by falsely promising astronomical returns.

According to police, the organization in which A participated operated four call center teams composed of Koreans under the leadership of a foreign ringleader. Members were recruited through introductions from acquaintances in their local communities or through online side-job advertisements. A and others set up a call center at a hotel in Sihanoukville and posted invitation links to Naver Band in the comment sections of popular YouTube channels hosted by well-known Korean stock experts. When victims joined, the scammers posed as securities firm employees, providing free investment information and stock education for a month to build trust. Afterwards, they enticed victims to invest by claiming there was a "secret project" and that investing in AI-recommended stocks would guarantee returns of over 600%.

Fake investment application (left) and manipulated profit rate screen (center) used by an investment scam organization based in Cambodia. The members of the organization shared messenger conversations and photos of their consumer lifestyles (right), pretending to have made large profits from investments to induce victims to invest. Seoul Metropolitan Police Agency

Some members played roles specifically aimed at reassuring hesitant investors. The group deployed "decoys" pretending to be investors, encouraging others to invest. They fabricated success stories and shared photos of luxury consumer lifestyles to make it appear as if they had earned substantial profits. When victims sent money, they were instructed to install a fake investment app designed to closely resemble an actual securities firm application. The app then displayed fraudulent transaction histories and profit rates, deceiving victims into believing their earnings were growing and prompting them to make additional deposits.

The police plan to continue investigating the organization for additional crimes and possible accomplices. A police official stated, "Recently, there has been a rise in investment recommendation chat room scams that exploit the current atmosphere of an active domestic stock market. Do not follow links to investment chat rooms provided via YouTube comments or social networking services (SNS). If you are asked to install an investment-related app, always verify that it is a service actually provided by a legitimate financial company."

This content was produced with the assistance of AI translation services.