Officials revealed that the syndicate used layers of “burner” bank accounts, fake identities, and mule accounts to disguise the origin of gambling funds. Some members also created fraudulent crypto-exchange platforms and coin-trading services to make illegal profits appear as legitimate digital-asset transactions. Authorities believe the group functioned like a corporation, complete with dedicated departments for operations, customer management, marketing, and financial concealment.
During coordinated raids, police seized luxury vehicles, cash, jewelry, and real estate assets worth billions of won. Several suspects—including alleged ringleaders and financial technicians—were arrested and charged with illegal gambling operations, money laundering, and organized-crime activity.
Investigators also uncovered evidence suggesting the group recruited everyday citizens to “rent” their bank accounts in exchange for payment, enabling the syndicate to hide transaction trails. Some insiders from the banking sector were allegedly involved in verifying accounts to avoid automatic detection systems.
South Korean authorities emphasized that more arrests are expected as they continue to trace the flow of digital and offshore funds connected to the crime ring. The Korea Customs Service has also launched a nationwide campaign to target illegal currency transfers, trade-based money laundering, and financial activities linked to unlawful gambling networks.
Officials warn that online gambling syndicates have grown increasingly sophisticated, using crypto, offshore hosting, and cross-border financial channels to evade law enforcement. The government has pledged to strengthen digital monitoring, international cooperation, and financial-crime regulations as part of its broader crackdown.