Thai Police Dismantle $15M Multi-Layered Scam Ring Targeting South Koreans

Thai and South Korean authorities have coordinated to dismantle a sophisticated $15 million fraud operation that preyed on over 870 victims through cryptocurrency schemes, romance scams, and fake lottery ploys. The group, operating as 'Lungo Company,' employed what investigators describe as 'multi-layered laundering' techniques to obscure illicit funds.

Thirty-three arrests were made across both countries, including the ringleader and eight core members currently awaiting extradition in Thailand. Unlike typical single-method operations, the syndicate utilized a systematic blend of fraudulent tactics—luring victims with fake data breach compensations, romantic deceptions, and worthless crypto investments through manipulated trading platforms.

Funds were laundered via prepaid cards, over-the-counter brokers, and microtransactions coordinated through encrypted messaging apps. 'This wasn't opportunistic crime—it was industrialized fraud,' noted a Seoul police official during the joint operation announcement.