Voice phishing proceeds of '₩1.4 billion' laundered into virtual assets… ringleader of FX scheme gets 5 years in prison
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Summary
- It reported that a money-laundering and exchange ringleader who laundered ₩1,443,000,000 in voice phishing proceeds into virtual assets (cryptocurrency) was sentenced to five years in prison.
- The court said it applied the special act to organized and systematic money laundering carried out through cryptocurrency conversion, handing down prison terms to the ringleader and an accomplice.
- The panel cited meticulous and deceptive methods and a lack of effort to recover victims’ losses as sentencing factors, explaining that it signaled a strict stance against voice phishing crimes using virtual assets.
A man in his 40s who laundered voice phishing proceeds has been sentenced to five years in prison.
According to industry sources on the 18th (Korea time), the 11th Criminal Division of the Daegu District Court sentenced A, a money-laundering and exchange ringleader in his 40s, who was indicted on charges of converting criminal proceeds into virtual assets (cryptocurrency) (violation of the Special Act on the Prevention of Damage from Telecommunications-Based Financial Fraud and the Refund of Fraud Proceeds), to five years in prison, and sentenced an accomplice, B in his 30s, to two years and eight months.
A was brought to trial on charges that, from August to October 2024, he was asked by overseas members of a voice phishing ring to launder funds and converted ₩1,443,000,000 in criminal proceeds deposited into burner accounts into cryptocurrency.
The court said, “Through an organized and systematic division of roles, they defrauded an unspecified number of victims of financial benefits using meticulous and deceptive methods,” adding, “There is no indication that the defendants made efforts to restore the victims’ losses.”
