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.