South Korean police have arrested two Uzbek nationals for their alleged role in a sophisticated investment fraud operation that used TikTok livestreams to lure victims with promises of extraordinarily high returns before siphoning off their money through a multilayered cash courier network. According to investigators, the suspects allegedly collected approximately 80 million won (around ₹46 lakh) from victims and delivered the proceeds to a larger criminal organisation. The two accused were referred to prosecutors while in detention on July 9, as authorities expanded their investigation to identify the alleged masterminds and additional members of the fraud network.
According to police, the investment scheme attracted victims through TikTok livestreams promoting investments in Cenegenics, a company listed on South Korea’s Kosdaq market. Victims were allegedly promised returns ranging from 600 percent to 1,000 percent, creating the impression of an exceptionally profitable investment opportunity. After expressing interest, victims were directed to a group chat hosted on Naver Band, where they were persuaded to transfer funds through bank transactions and other payment methods. Investigators said several victims initially transferred around 30 million won before the fraud escalated further.
Authorities stated that once victims believed they had earned substantial profits, the fraudsters allegedly informed them that additional payments in cash or gold were required before the supposed investment gains could be withdrawn. Believing the explanation, at least one victim reportedly handed over an additional 50 million won in cash to individuals sent by the organisation. Police believe this tactic was designed to exploit victims who had already invested significant sums and were eager to recover their promised returns.
Investigators said the organisation relied on foreign cash couriers to physically collect money from victims, making it more difficult for law enforcement agencies to trace the flow of funds. During the investigation, police discovered that the couriers used rental vehicles while meeting victims at designated locations. By analysing vehicle movements and conducting field surveillance, investigators tracked the suspects to Cheongju in North Chungcheong Province, where both Uzbek nationals were arrested.
Police believe the criminal organisation deliberately structured the cash collection process through multiple intermediaries to conceal the identities of those directing the operation. In several instances, one courier allegedly collected cash directly from victims before transferring it to another courier, thereby creating multiple layers between the victims and the alleged organisers. Investigators said this method significantly complicated efforts to trace the proceeds of crime and identify the individuals controlling the fraud network.
Authorities are continuing to investigate the wider operation based on statements provided by the arrested suspects as well as analysis of communication records and other digital evidence. Police suspect there may be additional victims who have not yet reported the fraud and are attempting to identify other couriers and organisers believed to be operating within the same network. Investigators are also examining whether the group has links to other cross-border financial crime syndicates operating in South Korea.
Police noted that foreign cash couriers often enter South Korea on short-term tourist visas, making it difficult to secure their custody if they leave the country or their visas expire before investigations are completed. Investigators believe criminal organisations are increasingly exploiting this loophole by recruiting foreign nationals to handle cash collections while keeping the organisers insulated from direct contact with victims.
The latest arrests come only weeks after South Korean authorities uncovered another major financial crime operation involving 26 Vietnamese nationals, who were accused of laundering or transferring approximately 8.5 billion won (around ₹49 crore) generated through voice phishing and investment fraud schemes. Investigators alleged that many of the suspects, including marriage migrants and international students, received criminal proceeds through bank accounts in their own names before transferring the funds through 905 separate transactions in violation of South Korea’s laws governing the concealment of criminal proceeds. Police said foreign cash couriers are increasingly being recruited for investment scams and other organised financial crimes, and authorities will continue pursuing those directing such operations while responding swiftly to reports of similar offences.
