"Make 580% Profit"…Stock Expert Impersonation Investment Scam: Cash Collectors Arrested

Four Cash Collectors Apprehended, One Taken Into Custody

Cash collectors from a criminal organization that deceived investors by impersonating a well-known stock market expert and swindled hundreds of millions of won have been apprehended by the police.

According to Yonhap News, on July 7, Pohang Northern Police Station in North Gyeongsang Province announced that it had arrested four cash collectors on charges of fraud for collecting and delivering investment funds from victims under the instructions of a fraud ring, with one of them taken into custody.

Police image. Photo by Yonhap News

Between May 28 and June 17, following instructions from the fraud ring, these individuals allegedly posed as securities firm employees and received cash and gold bars worth approximately 593.38 million won from five victims, which they then delivered to the organization via quick delivery services.

According to the police investigation, the fraud ring impersonated a well-known stock expert in online communities, luring victims by claiming they could make returns worth 580% of their investment. They then induced victims to prepare cash or gold bars, which were handed over to cash collectors at designated locations.

In mid-June, after receiving a tip from a fraud victim, the police staked out a spot where additional money was to be handed over, and after nearly eight hours of surveillance, arrested two cash collectors at the scene in the act, with one of them being taken into custody.

The police also analyzed nearby closed-circuit (CC) TV footage and apprehended two additional cash collectors who had fled the scene.

A police official stated, "Fraud rings recruit ordinary people as cash collectors by offering high-paying part-time jobs and use them to commit crimes. Cash collectors are also considered key accomplices in fraud crimes and face severe punishment."

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