South Korea: 4 arrested for laundering illegal gambling money

Those arrested are suspected of laundering KRW55bn.

South Korea.- The Busan District Prosecutor’s Office’s Violent Crime Investigation Department has arrested four people for allegedly laundering tens of billions of won in profits from illegal online gambling. The charges were made under Crime Proceeds Concealment Control Act and the Real Estate Name Act.

According to Donga, the group is suspected of laundering about KRW55bn (US$45.8m) in criminal proceeds from operating 16 illegal gambling sites based in the Philippines since around February 2017. Daily remittances reached around KRW600m and went to 100 bank accounts, followed by cash withdrawals in Korea.

The laundered funds were allegedly used for purchasing and reselling 24 supercars as well as ships, real estate and high-profile artworks by artists such as Picasso, Andy Warhol and Lee Ufan.

Those arrested reportedly had a sumptuous lifestyle. The prosecution seized KRW63.5bn in real estate and financial assets. Five accomplices were indicted without detention, while a red notice has been requested from Interpol for the alleged boss of the gambling site.