SEJONG, Nov. 3 (Yonhap/APP): South Korea’s tax authorities said Monday they have launched an investigation into a domestic branch of the Cambodia-based Prince Group, which is now suspected of operating a global scam network.
The National Tax Service (NTS) began the investigation into the office, located in central Seoul, following a governmentwide review of Korean nationals allegedly involved in online scams run by criminal organizations, including Prince Group. The group has faced international sanctions over its involvement in kidnapping, torture and murder.
According to the NTS, the group allegedly set up overseas real estate consulting firms in major commercial areas of Seoul, hiring local staff while disguising these offices as mere liaison points.
The group is suspected of having raised tens or hundreds of millions of won from domestic investors for real estate projects and transferred them to affiliated Cambodian companies.
“We have not been able to verify that domestic investors actually acquired the properties,” Ahn Deok-soo, an NTS official, told reporters. The official added that the group is also suspected of disguising phishing crime proceeds as overseas real estate investments.
The agency said it also plans to thoroughly investigate local individuals who may have gained illicit profits or evaded taxes through their alleged involvement.
If criminal links are confirmed, the NTS said it will refer the cases to prosecutors and work closely with relevant agencies to recover criminal proceeds.
“We will work to prevent further damage from international scam networks and the outflow of national wealth,” Ahn said.
In October, 64 South Koreans detained in Cambodia for alleged online scams were repatriated on a chartered flight. Most of them now face criminal investigations in South Korea.
The mass repatriation followed the death of a South Korean college student in Cambodia, reportedly tortured by a criminal ring, sparking public outrage.