Gwangju, South Korea police have busted a virtual asset investment fraud ring that targeted elderly people aged 70 to 80, defrauding approximately 500 million won.

South Korea's Gwangju Metropolitan Police Agency Cyber Crime Investigation Unit announced today that it has detained and referred three suspects, including a 60-something-year-old identified only as A, on fraud-related charges. The gang is suspected of defrauding more than 100 elderly people aged 70 to 80 of a total of about 500 million won between November 2024 and the recent period, under the guise of virtual asset investments. Investigations show the gang set up offices in Seoul, Gwangju, Gunsan (North Jeolla Province), and other locations. It targeted elderly people with limited knowledge of virtual assets via on-site information sessions, using false promises such as "guaranteed principal" and "potential returns of over 10 billion won". The police launched their investigation in March this year following a tip-off from an investment briefing in Gwangju's Western District, arresting suspects one by one by tracing financial transaction flows. The police believe there are still undisclosed victims, are expanding the investigation scope, and remind the public to stay vigilant against investment offers promising guaranteed principal and high returns.