🦑 South Korea🇰🇷: police dismantled a network of third-party bank accounts

🦑 South Korea🇰🇷: police dismantled a network of third-party bank accounts

More than 200 people are under investigation as suspects in organizing a network of fictitious bank accounts that provided services to criminal organizations across the country.

💞 Facts: on August 5, four leaders of the organization were arrested on charges of violating the Electronic Financial Transactions Act. Police seized approximately USD 330,000 in proceeds from criminal activities.

💞 Charges: between June and December 2025, in the city of Ulsan, the four suspects registered 211 bank accountsunder the names of third parties. These accounts were then rented to criminal organizations across the country for a monthly fee of approximately USD 2,500. Funds obtained through phishing, investment fraud, and illegal betting were transferred to these accounts.

💞 Network structure: the 55 operational members were divided into field agents and managers. The former recruited potential account holders among students, unemployed people, and homemakers, offering them payments of USD 700–1,000 over a period of three months. Managers made the payments and advised account holders on how to respond if contacted by the police. They could also receive USD 200–500 in commissions through a referral program. The account holders' bankbooks were transported across the country in packages sent on intercity buses to avoid attracting the attention of law enforcement authorities.

💞 Additional information: the main document used by bank account holders in South Korea is the bankbook. It records all transactions and the account balance. Entries are printed using special devices installed in ATMs or operated by bank tellers.

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