Seoul Prosecutors Office Prosecution Of Price Manipulation Gang With “Kimchi Premium”
Key Points:
- The Seoul Central District Prosecutor’s Office’s International Crime Investigation Division arrested and indicted four people of gangs accused of illegally remitting a large amount of foreign currency through commercial banks aiming for the “kimchi premium.”
- It is said that the prosecution arrested and indicted five additional accomplices on the 9 and 22 of this month after handing over the four to trial last month.
According to local media, a four-person gang was detained and charged with breaching the Foreign Exchange Transaction Act, the Specific Financial Information Act, and business obstruction by the Seoul Central District Prosecutors Office’s International Crime Investigation Department.
From April of last year to March of this year, the gang is suspected of using 542 instances to send a total of 1.74 trillion won (about $1.4 billion) to foreign firms acting as agents in Japan, Hong Kong, and other locations.
They were also being probed for creating fictitious invoices in the names of businesses like Company A, submitting them to commercial banks, including Hana Bank and Shinhan Bank, and sending them abroad.
From September of last year to March of this year, the gang is also suspected of trading crypto assets without the consent of financial information analysts and using funds sent to foreign accounts to purchase cryptocurrencies on foreign trading platforms before transferring them again to another foreign and domestic trading platform account for dumping. According to estimates, the gang carried out more than 32,000 transactions and dumped virtual currency worth 1.5 trillion won.
The prosecution contends that they arrange their criminal activity in order to profit financially from the so-called “kimchi premium.”
Kimchi premium is the phenomenon that the domestic virtual currency market is higher than the overseas market.
It is said that the prosecution arrested and indicted five additional accomplices on the 9th and 22nd of this month after handing over the four to trial last month. If the charges against them are added, there is room for the size of the remittance to increase.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
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Seoul Prosecutors Office Prosecution Of Price Manipulation Gang With “Kimchi Premium”
Key Points:
- The Seoul Central District Prosecutor’s Office’s International Crime Investigation Division arrested and indicted four people of gangs accused of illegally remitting a large amount of foreign currency through commercial banks aiming for the “kimchi premium.”
- It is said that the prosecution arrested and indicted five additional accomplices on the 9 and 22 of this month after handing over the four to trial last month.
According to local media, a four-person gang was detained and charged with breaching the Foreign Exchange Transaction Act, the Specific Financial Information Act, and business obstruction by the Seoul Central District Prosecutors Office’s International Crime Investigation Department.
From April of last year to March of this year, the gang is suspected of using 542 instances to send a total of 1.74 trillion won (about $1.4 billion) to foreign firms acting as agents in Japan, Hong Kong, and other locations.
They were also being probed for creating fictitious invoices in the names of businesses like Company A, submitting them to commercial banks, including Hana Bank and Shinhan Bank, and sending them abroad.
From September of last year to March of this year, the gang is also suspected of trading crypto assets without the consent of financial information analysts and using funds sent to foreign accounts to purchase cryptocurrencies on foreign trading platforms before transferring them again to another foreign and domestic trading platform account for dumping. According to estimates, the gang carried out more than 32,000 transactions and dumped virtual currency worth 1.5 trillion won.
The prosecution contends that they arrange their criminal activity in order to profit financially from the so-called “kimchi premium.”
Kimchi premium is the phenomenon that the domestic virtual currency market is higher than the overseas market.
It is said that the prosecution arrested and indicted five additional accomplices on the 9th and 22nd of this month after handing over the four to trial last month. If the charges against them are added, there is room for the size of the remittance to increase.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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