Cross-Border Fraud Ring Dismantled, Nearly 900 South Koreans Victimized

BlockBeats News, September 23rd. According to South Korea's Chosun Ilbo newspaper, the Seoul police reported that a cross-border fraud group called "Lungo Company" was arrested in Pattaya, Thailand, with the amount involved exceeding 21.1 billion South Korean Won (about 15.1 million US dollars), affecting nearly 900 South Koreans.

The group divided its members to carry out romance scams, cryptocurrency fraud, impersonation of public officials, and other tactics, tightly controlling the members' lives within the resort. Currently, 25 members have been arrested, some of whom have been extradited to South Korea. The leader is still in custody in Thailand, and the police are investigating the source of their database and money laundering channels.