Catenaa, Tuesday, December 3, 2024 – An anonymous crypto scammer has been sentenced to 13 billion won in fine by the District Prosecutors’ Office in Seoul, recent reports said.
This follows a recent investigation into his operation on multi-level marketing-style crypto fraud.
As a result, the real estate investments—penthouse included two expensive apartments, commercial buildings, and officetels—were identified as his liabilities under the fraud scheme.
The illegally obtained assets comprised world-class art works and branded watches, which were secured by the prosecutors worth over $9.3 million.
The investigations disclosed that elderly South Koreans and North Korean defectors were subjected to this illegal crypto operation that ran from 2019 to 2021.
The fraudster has earlier committed similar fraud worth over 200 billion won and has been sentenced for 10 years.
Nevertheless, the convict has refused to pay the fines despite the reparation of victimized parties.
He did not worry ‘even 0.01%’ regarding his illegal crypto scheme since it led his family to a luxury life, he has reported to the court.
The investigations revealed that the luxury living expenses of his former spouse have been made through this fraudulent money.
Further, illegally obtained liabilities have been registered by the scammer under others’ names to disguise his original identity.
A Rolls Royce and a Lamborghini, listed stocks, BTC, and cash deposits were among that were seized by the legal authority.
It is reported that this fraudster has run a fake business to keep the assets hidden.
