South Korean police have reported the arrest of the alleged mastermind behind a major cryptocurrency fraud scheme that claimed 158 victims. The criminal swindled them out of a total of 16 billion won ($12 million).

The suspect is accused of creating a fraudulent crypto investment scheme that operated from November 2021 to June 2022. Investors were promised monthly returns of at least 18% on their investments in digital asset mining.

Ten months ago, an investigation was launched and an arrest warrant was issued for the suspect. He managed to escape justice for a while by changing his appearance with makeup and plastic surgery, which cost about 21 million won ($16,000).

However, according to South Korean law enforcement, police were able to identify the perpetrator by analyzing CCTV footage, telephone conversations and his internet search history.

Last year, KBS, citing South Korean law enforcement, reported on a high-profile case involving the arrest of suspects in the murder of the founder of an unnamed cryptocurrency project.