South Korean authorities have arrested three people as part of an investigation into $3.4 billion in illegal digital currency transactions.
According to the prosecutor’s office, the detainees owned companies that did not conduct any activity, and were also engaged in unregistered cryptocurrency business. In addition, the suspects provided false data to banks and transferred large amounts of foreign currencies abroad.
The suspects are believed to be linked to a company that transferred 400 billion won ($307 million) worth of funds overseas from the Seoul-based division of Woori Bank. Between May 2021 and June 2022, multiple illegal transactions totaling 1.6 trillion won were made in five branches of Woori Bank, according to the South Korean Financial Supervisory Service.
The agency also noted similar transactions totaling 2.5 trillion won at 11 branches of Shinhan Bank between February 2021 and July 2022. The total amount received by fraudsters amounted to about $3.4 billion. Both banks declined to comment on the investigation of the supervisory service. The South Korean prosecutor’s office also did not provide additional information.
Earlier, the National Tax Service of South Korea (NTS) said it would take tough action against tax evasion using virtual assets such as cryptocurrencies and platforms that work with them.
Source: Bits
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