A cryptocurrency scam targeting seniors aged over 70 was prosecuted and detained two days before the expiration of the prosecution period.

A suspect in their 70s who carried out a virtual currency investment scam involving hundreds of millions of Korean won against elderly victims was handed over for trial two days before the expiration of the prosecution statute of limitations after prosecutors reopened the investigation.

On the 15th, the Criminal Division 2 of the Gumsan Branch of Jeonju District Court stated that A was detained and prosecuted on suspicion of fraud. A is suspected of convincing nine victims between December 2015 and July 2016 that investing in certain virtual currencies could yield huge profits, and deceived them out of a total of 350 million Korean won. At that time, virtual currencies had not yet become as widely known as they are now, and investors with limited information seemed more easily convinced by these false profit promises.

According to the prosecution, after establishing an office in Gunsan City, North Jeolla Province, A mainly held investment briefings targeting elderly people unfamiliar with the structure of virtual currencies to raise funds. Elderly individuals generally have lower access to information about digital finance or new investment products, making them more vulnerable to scams. Especially, the seemingly normal investment recommendations presented at the briefings often only revealed their true nature to victims after the fact.

The investigation initially made little progress. After A fled with the investment funds in 2018, police believed it was difficult to ensure their apprehension and transferred the case to prosecutors with the opinion to suspend prosecution. Subsequently, the Gumsan Branch, centered on A’s registered residence, conducted over two months of undercover tracking and investigation, ultimately securing their apprehension. On the 30th of last month, A was detained and prosecuted. In criminal cases, the prosecution statute of limitations refers to the legally prescribed period within which the state can punish a crime. This prosecution was carried out two days before that period expired.

During the investigation, it was also found that A had previously been involved in other cases, fled for a long time after charges were filed, and ultimately avoided punishment due to the expiration of the prosecution statute of limitations. The prosecution explained that, considering most victims in this case are elderly, some have already passed away, and the losses have not been recovered at all, a comprehensive new investigation was reopened. This case again highlights that new investment methods like virtual currencies can be used as tools for scams targeting information-disadvantaged groups. This trend may become even more prominent in the future, emphasizing the importance of managing prosecution statutes of limitations, tracking fleeing suspects, and preventing financial harm to the elderly in similar investment scams.