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Senior South Korean Police Officials Indicted in Crypto Bribery Case

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South Korean prosecutors have charged two senior police officers and 5 civilians for alleged ties to a crypto-linked cash laundering community tied to voice phishing scams.

Key Takeaways:

  • Two senior South Korean police officers and 5 crypto-linked figures had been indicted in a bribery and money-laundering case.
  • Prosecutors allege officers took money and luxurious items in alternate for inner investigative data and favors.
  • The scheme is tied to 249.6 billion gained in voice-phishing funds laundered via cryptocurrencies.

The Suwon District Prosecutors’ Office Criminal Division 2 stated the indictments had been filed with out detention and embody violations of the Act on the Aggravated Punishment of Specific Crimes and the Act on the Regulation and Punishment of Criminal Proceeds Concealment, in accordance with a Thursday report from The Chosun Daily.

Former Police Chief, NPA Officer Charged in Crypto Bribery Ring

Those charged embody a former police station chief, recognized as A, and a former officer from the National Police Agency, recognized as B.

Prosecutors say each males accepted cash and luxurious items from executives at a cryptocurrency enterprise in return for delicate investigative particulars and operational favors.

Five others, together with a crypto firm operator, C, and a chief government, D, had been additionally indicted for allegedly providing bribes and laundering prison proceeds via digital belongings.

Investigators allege that A acquired a complete of 79 million Korean gained between July 2022 and July of final yr after being launched to C by an official at a home digital asset alternate.

In alternate, A is accused of offering investigative data and “conveniences,” together with checking whether or not officers conversant in him had been concerned in C’s case and introducing attorneys to blunt the probe.

Prosecutors declare A was enticed with guarantees of entry to cash earlier than alternate listings and assurances that investments could be refunded in the event that they failed.

B allegedly acquired items and favors value 10 million gained throughout roughly ten events from February final yr via February this yr.

According to prosecutors, B was launched by A to C and D and subsequently obtained designer gadgets akin to wallets, footwear and coats.

In return, B is accused of confirming case progress and requesting the lifting of cost suspensions on accounts allegedly tied to the crimes.

Authorities say the crypto executives ran a laundering operation that transformed 249.6 billion gained in voice phishing proceeds into digital belongings between January and October of final yr.

The prosecution estimates unlawful earnings at 11.2 billion gained and has imposed seizure and asset-preservation measures on 1.5 billion gained by monitoring hidden properties.

South Korea To Sanction Crypto Exchanges Over AML Failures

As reported, the South Korean monetary watchdog is preparing a fresh round of penalties for home digital asset exchanges, stepping up its marketing campaign in opposition to anti-money laundering failures that regulators say threaten the integrity of the nation’s fast-growing crypto market.

Financial authorities are anticipated to problem each institutional and particular person sanctions, together with fines, in opposition to main buying and selling platforms that breached anti-money laundering obligations.

The Korea Financial Intelligence Unit, or FIU, is shifting via circumstances in the order of its on-site inspections, successfully utilizing a first-in, first-out method.

The publish Senior South Korean Police Officials Indicted in Crypto Bribery Case appeared first on Cryptonews.

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