A man in his 50s who had previously fallen victim to investment fraud personally lured a scam ring using similar tactics, helping police make an arrest.
According to the Ulsan Bukbu Police Station and Yonhap News, police said Monday they had detained and referred to prosecutors a man in his 50s, identified as A, who served as a cash courier for an investment fraud ring, on charges of telecommunications-based financial fraud.
A was caught red-handed by police lying in wait around 11:40 a.m. on the 12th of last month at a cafe in Hogye-dong, Buk-gu, Ulsan, while attempting to receive 100 million won in cash from a victim in his 50s, identified as B.
Investigation revealed that the organization A belonged to impersonated an executive of a well-known domestic securities firm and set up a Naver Band, where it ran stock lectures to gain members' trust. The group then approached B, saying, "There is an investment project that guarantees a 450% return in 25 trading days." It was found that the ring sent A, who had forged an identification card for a securities firm team leader, to draw up a fake investment certificate in an attempt to collect the investment funds.
However, the quick thinking of B, who had been a victim, led to the ring's arrest. B had lost tens of millions of won earlier this year to investment fraud carried out in the same manner, and personally joined the Naver Band operated by the ring in order to catch the group using similar tactics.
When the fraud ring made another investment proposal, B arranged to meet at a cafe, then called 112 just before the meeting to report, "I've arranged to meet a voice phishing ring member. Please dispatch plainclothes police officers."
Police who received the report disguised themselves as cafe customers and lay in wait, arresting A on the spot the moment he was handed a prepared bag of money.
Based on the seized mobile phone and statements, police expanded their investigation and additionally confirmed that A had also swindled a total of 40 million won from two victims in Busan and Changwon, South Gyeongsang Province. In particular, one victim in Changwon was about to hand over more money without even realizing he was being defrauded, but the additional damage was prevented through police persuasion.
"Thanks to the victim's swift report, we were able to arrest the cash courier and quickly shut down the Naver Band used in the crime, preventing further damage," a police official said. "We plan to continue our investigation into the higher-ups of the organization."
