South Korean Authorities Charge ‘Cryptocurrency Scammer Who Underwent Cosmetic Surgery to Evade Capture’

South Korean authorities have charged an individual believed to be the orchestrator of a $3.4 million cryptocurrency scam who underwent cosmetic surgery to evade capture.

According to police, the suspect, identified by the surname Kim and in his forties, was “apprehended after 10 months of evading law enforcement.”

South Korean Prosecutors: Suspect Spent $15,700 on Cosmetic Procedures

As reported by Newsis, investigators suspect Kim “defrauded 158 individuals” out of a total of $3.4 million by assuring them of “high returns if they invested in a cryptocurrency mining venture.”

Authorities also referred five alleged accomplices, including “the leader of a law firm,” to the prosecution.

The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency issued an arrest warrant for Kim and charged eight additional “recruiters” last year.

Nevertheless, Kim managed to avoid arrest and spent 10 months on the run, reportedly altering his appearance to evade law enforcement.

Authorities stated he had “defrauded victims” by guaranteeing them 18% “returns” on their investments each month.

Instead, police reported that Kim “misappropriated” the funds of his investors. They indicated that nearly $75,000 in cash was seized, along with an additional $972,000 that was frozen.

Investigators believe Kim initiated his scheme in November 2021 and successfully attracted investors until June 2022.

However, after investors reported they had not received payments as promised, police began an investigation.

They ultimately sought an arrest warrant for Kim in September 2023. However, he failed to appear at a court hearing on September 19, 2023.

Authorities spent nearly a year attempting to locate him, utilizing CCTV footage, phone and app records, and Internet search histories.

Promotional materials outside a plastic surgery clinic in Gangnam District, Seoul. (Source: Beauty Man/YouTube/Screenshot)

Accomplices ‘Converted Cryptocurrency to Cash to Aid Fugitive’

A representative stated that undercover officers eventually identified his “hideout” – an apartment in Guri, Gyeonggi Province – on August 25.

Authorities explained that Kim had “eluded investigators” by “frequently relocating” and “utilizing a fake phone and fraudulent bank account while in hiding.”

They noted that Kim also spent approximately $15,700 on “four surgeries at a cosmetic surgery clinic in Gangnam District, Seoul.”

Gangnam is not only home to many of South Korea’s largest tech and cryptocurrency exchanges but also hosts numerous renowned cosmetic surgery clinics.

A building in Gangnam District, Seoul where all three lower stories house plastic surgery clinics. (Source: Wander Planet/YouTube/Screenshot)

Man ‘Underwent Nose Reconstruction and Liposuction’ to Evade Authorities

Authorities detailed that Kim underwent “double eyelid surgery, nose surgery, liposuction, and facial contouring surgery” to “prevent investigators from recognizing him.”

Investigators also found that Kim had purchased a custom wig to wear in public to further conceal his identity.

South Korean prosecutors indicated that the law firm manager and Kim’s girlfriend “converted virtual assets acquired from illicit proceeds into cash” on his behalf.

Korea sees record high in inbound medical touristshttps://t.co/jxYROeFvKc

— The Korea Times (@koreatimescokr) April 29, 2024

They stated that the pair and others provided the cash generated from these cryptocurrency transactions to Kim “as funds for his escape.”

They also alleged that the duo assisted Kim in locating suitable cosmetic surgery clinics and “a wig-making business.”

Suspected Accomplice Declared No Flight Risk, Judge Rules

Investigators reported that the law firm manager aided Kim in his escape “in exchange for payment” and “withheld crucial information during the police investigation.”

However, a court denied a police request for an arrest warrant for the manager. The presiding judge stated that the decision was made “after considering that the manager posed no risk of fleeing.”

The judge further noted that the manager had also “cooperated fully with the police investigation” concerning Kim.

Lee Sang-cheul, a South Korean cryptocurrency trader and IT professional, commented to Cryptonews.com:

“It’s remarkable how many individuals fall victim to cryptocurrency scams in South Korea today – especially those related to mining.”

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