Korea’s customs authorities announced the arrest of an international criminal ring accused of laundering approximately 150 billion won, equivalent to $101.7 million, through an illegal foreign exchange operation.
The Korea Customs Service said the investigation revealed a complex scheme involving cross-border cryptocurrency movements designed to bypass domestic financial controls.
Three Chinese nationals have been referred to prosecutors for alleged breaches of the Foreign Exchange Transactions Act, according to the customs authority.
Officials stated that the suspects allegedly laundered around 148.9 billion won between September 2021 and June last year.
Investigators said the group exploited both domestic and overseas cryptocurrency accounts alongside multiple Korean bank accounts to obscure transaction trails.
Authorities explained that funds were often disguised as legitimate payments, including cosmetic surgery fees for foreign visitors and overseas education costs for students.
The customs service said these methods were intended to make the transfers appear routine and avoid suspicion from banks and regulators.
To evade financial monitoring systems, the suspects allegedly purchased cryptocurrency across several countries before transferring it to digital wallets based in Korea.
Officials said the assets were then converted into Korean won and distributed through numerous local bank accounts.
The authorities believe this layering process was designed to fragment the funds and make tracing more difficult for enforcement agencies.
Customs investigators noted that the use of unauthorised foreign exchange channels posed serious risks to financial stability and regulatory oversight.
The agency said the case highlights growing challenges linked to the misuse of digital assets in cross-border financial crime.
Officials warned that criminal groups are increasingly exploiting the speed and anonymity of cryptocurrency transactions.
The Korea Customs Service said it is strengthening international cooperation to track suspicious crypto-related money flows.
Authorities added that enhanced surveillance and tighter controls are being developed to prevent similar schemes in the future.
The case remains under prosecution review, with further charges possible as investigations continue.