Police arrest trio for defrauding elderly in gambling investment scam

A group of three women, aged in their 40s and 70s, has been arrested by the Busan Metropolitan Police Agency for defrauding elderly individuals by siphoning off their retirement savings under the guise of investment in a gambling website. The perpetrators are charged with violating the Act on the Aggravated Punishment of Specific Economic Crimes.

Operating out of an office in Busan from July 2021 to June 2023, the suspects targeted victims aged 60 and older. They lured them in by demonstrating fake winnings from baccarat games on a foreign-based gambling website and promised to manage gambling on behalf of the victims. The victims were enticed with promises of exorbitant returns, ranging from 100% to as high as 400% of their initial investment, along with the assurance that their principal amounts would be fully returned.

To further the scam, the perpetrators offered 3% to 5% commissions to victims who brought in additional investors, turning victims into unknowing accomplices. They created an illusion of profitability by using funds from new investors to pay earlier ones. This deceptive strategy encouraged victims to reinvest larger amounts after receiving initial returns. One woman in her 60s lost 1 billion won in total, while the oldest victim, aged 74, also suffered significant financial loss.

The trio defrauded a total of 5.7 billion won from 49 victims. Instead of investing the money, they used it for personal expenses, including living and leisure activities. A police official emphasized the need for caution, warning, “Be wary of anyone promising high returns and urging quick investment.”


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