In South Korea, police have apprehended a man linked to a major ₩17.7 billion fraud scheme, impacting over a thousand victims who invested in the ‘Yehai’ project.
Reasons Behind the Fugitive's Arrest in South Korea
Seoul police confirmed the arrest of a man in his 60s who had been on the run since 2020. He is wanted in connection with fraud affecting around 1,300 victims, with the arrest occurring on August 20 near Sillim Station during a prevention patrol.
Investigating the 'Yehai' Fraud Scheme
During questioning, authorities discovered the suspect had 10 outstanding warrants for various serious offenses, including fraud and assault. The 'Yehai' project promised high returns to investors but turned out to be a fraudulent scheme similar to a 'rug pull' or Ponzi operation.
What's Next for Victims of the Fraud in South Korea?
The arrest provides hope for potential restitution for 1,300 victims. While recovering lost funds may be complicated, capturing a key figure marks an important first step toward accountability.
This arrest highlights the ongoing efforts by law enforcement to combat financial crime in the digital age while emphasizing the need for vigilance among cryptocurrency investors.
