A profile picture of a woman is posted on social media. The image is linked to a group that approached over 80 people and swindled 12.2 billion won ($9.3 million) through a romance scam. Courtesy of Busan Metropolitan Police Agency

A joint Korean-Chinese crime syndicate has been arrested for swindling 122 billion won ($92 million) from 84 individuals in an eight-month romance scam. The group impersonated Korean-heritage foreign women on social media to lure victims into fake cryptocurrency and gold investments.

The Busan Police Agency announced Tuesday that 12 members, including a Korean recruiter and Chinese manager, have been arrested and charged with fraud and operating a criminal organization. Another eight members were charged without detention.

The syndicate recruited Koreans in their 20s and 30s, relocating them to Cambodia and Laos to train them in scamming techniques.

Members targeted victims through social media, presenting themselves as Korean-heritage foreign women. After building trust over a week of conversations, they persuaded victims to invest in fake cryptocurrency or gold trading platforms, according to the police.

A text message sent to victims by the romance scam group via messenger apps / Courtesy of Busan Metropolitan Police Agency

Victims were directed to fraudulent websites and coerced into investing amounts ranging from 1 million won to 20 billion won. When victims expressed doubt, the scammers played on emotional connections, asking, "Don't you trust me?" If victims requested returns, the group demanded additional deposits for taxes and fees before disappearing with the funds.

Police reported that the victims, mostly men aged between 20 and 70, have collectively lost 122 billion won since January.

The investigation began in April after a victim reported the scam. Authorities have arrested 20 syndicate members and are pursuing six Chinese masterminds with Interpol notices. Bank account tracking and further investigations are ongoing.

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.