World · East Asia & Pacific · 2 hrs ago
South Korean police refer 157 people over $2bn money-laundering case
Police in Ulsan, South Korea, referred 157 people for prosecution over an alleged money-laundering operation.
Investigators say 49 people, including the alleged leader, were sent to prosecutors in custody, while 108 account holders were referred without being detained.
The group allegedly used more than 260 accounts opened in other people’s names to handle money for gambling websites and fraud groups.
It recruited people to lend their bank accounts and used shell companies to obtain more accounts.
From May 2024 to August 2026, the group allegedly laundered about 2.7 trillion won by moving funds repeatedly between accounts to hide where the money came from.
Police say the operation collected fees of 0.4% to 1% and have secured about 430 million won in assets for possible confiscation.
Investigators are continuing to pursue six or seven suspected client groups, including gambling and fraud operations.
South Korean police referred 157 people over a suspected operation that laundered about 270 billion won in illicit funds.
Police said the group used more than 260 bank accounts opened in other people’s names to conceal money linked to gambling and fraud.
The alleged laundering operation ran from May 2024 through August 2026, according to police.
Authorities referred 49 people in custody and 108 without detention, and secured about 430 million won in suspected criminal proceeds for confiscation.
Police are continuing to investigate six or seven gambling and fraud organizations that allegedly commissioned the laundering.
- Who
- Ulsan Metropolitan Police referred 157 people, including the alleged operation leader, a man in his 30s.
- What
- They are suspected of laundering about 270 billion won using more than 260 accounts opened in other people’s names.
- When
- The alleged activity took place from May 2024 through August 2026. Police announced the referrals on November 4, 2026.
- Where
- Ulsan, South Korea.
- Why
- The accounts were used to conceal illegal funds allegedly linked to gambling-site operators and fraud groups.
This story does not have two clearly opposing sides.
The alleged operation began laundering illicit funds using accounts opened in other people’s names.
The period of alleged laundering ended, according to police.
Ulsan police announced that 157 people had been referred to prosecutors.
- Suspected funds laundered
- About 270 billion won
- Accounts used
- More than 260
- People referred
- 157
- Detained and referred
- 49
- Referred without detention
- 108
- Proceeds secured for confiscation
- About 430 million won
What people are saying
Please be aware that transferring or lending bank accounts or mobile phones to others is illegal.
We will pursue money-laundering and the supply of accounts opened in other people’s names to the end, and thoroughly recover criminal proceeds.