sabiz

On the 23rd, the Gwangju Police Agency announced that two operators, including an individual identified as A, were arrested on charges of investment fraud through a P2P site.

From December of last year to early this year, they manipulated users into engaging in virtual product transactions on the P2P site and scammed 73 people out of over 5 billion KRW.

The fraudsters lured investments by convincing users that they could make a profit by purchasing characters on the site, holding them for 3 to 5 days, and reselling them to other members. They reassured users by promising that if the products were not purchased in full, the operators would buy them at full price. The scheme lasted for two months before the operators disappeared.

The police arrested the two individuals and obtained an arrest warrant from the court. 31 billion KRW of the illicit earnings has been seized.

A police official stated, "This is a new type of scam that combines online P2P with promises of guaranteed returns and interest, similar to illegal fundraising. As the prolonged impact of COVID-19 continues to stagnate the economy, similar fraudulent investment sites are emerging rapidly. We urge the public to be particularly cautious."