South Korea Justice Ministry Books 304 in Financial, Crypto Crime Probe, Freezes $275 Million in Assets

South Korea’s Justice Ministry released the results of its crackdown on financial, securities and virtual-asset crimes.

In a July 20 press release marking one year since Justice Minister Chung Sung-ho took office, the ministry said prosecutors booked 304 suspects and arrested 25 between June last year and May this year. The cases were handled mainly by units including the Seoul Southern District Prosecutors’ Office’s joint investigation division for financial, securities and virtual-asset crimes.

The ministry also detailed measures to preserve illicit proceeds. Over the same period, it froze assets worth 381.4 billion won ($275 million) linked to criminal gains. Forfeiture preservation blocks the disposal of assets to secure future confiscation or collection of crime proceeds.

The ministry also expanded dedicated organizations to strengthen its ability to recover criminal proceeds. It added specialized asset-recovery divisions at the Seoul Southern District Prosecutors’ Office and the Busan District Prosecutors’ Office, in addition to the existing unit at the Seoul Central District Prosecutors’ Office, and increased the number of investigators assigned to the work.

The Seoul Southern District Prosecutors’ Office will specialize in financial and securities crimes while strengthening its capacity to trace and recover criminal proceeds. Virtual-asset crimes are also set to remain under the lead of the office’s joint investigation division alongside financial and securities offenses.

The ministry also said 38 public welfare and safety bills passed the National Assembly during Chung’s tenure. They included amendments to the law on confiscating corrupt assets, aimed at strengthening the recovery of criminal proceeds and victim restitution.

The ministry said it had focused its policy efforts on everyday public safety and the vitality of the national economy, and would continue to prioritize tackling livelihood-related crimes and recovering criminal proceeds.