Police in the Philippines have arrested a South Korean man suspected of stealing some $3.5 million from a nursing care fund – and spending the cash on crypto.
Officers suppose the 44-year-old man, unnamed for authorized causes, embezzled the cash from April 2022 to September 2022.
They suppose this occurred whereas the person was the top of the Nationwide Well being Insurance coverage Company (NHIC)’s monetary administration crew.
Per EDaily, the person “fled to the Philippines” after allegedly stealing the cash.
Investigators suppose he additionally embezzled “medical care advantages” and exchanged the cash for cryptoassets.
‘Manhunt’ for ‘Crypto Thief’ Lasted 16 Months
The South Korean Nationwide Police Company (NPA) secured an Interpol pink discover for the person after studying that he had fled the nation.
The NPA then launched a joint investigation with the Gyeonggi Southern Interpol crew and launched into a manhunt that lasted round one 12 months and 4 months.
The investigators finally tracked the person right down to a luxurious resort in Manila.
The South Korean officers then labored with native cops to trace the suspect’s actions and potential “escape routes.”
The police mentioned they “used a neighborhood informant” to take images of the suspect and confirmed that he was the person they have been after.
Officers mentioned they then created “an arrest plan.” On January 5, the police, through the Korean Ambassador to the Philippines, contacted the Philippine Minister of Justice.
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— Cryptonews.com (@cryptonews) December 20, 2023
Joint South Korea-Philippines Operation to Ensnare ‘Thief’
On the day of the arrest, a crew comprising South Korean and Filipino cops staked out the suspect’s “hiding place” for 5 hours.
They then made the arrest as the person was about to make use of an elevator, releasing photos of the suspect shortly after.
South Korean police spokespeople claimed they now “plan to debate” the suspect’s “repatriation to the nation.”
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— Cryptonews.com (@cryptonews) December 12, 2023
Officers mentioned they have been now “consultating with the Philippine Immigration Service and native legislation enforcement businesses.”
Earlier this week, a former South Korean police officer denied taking money from a “broker” in a crypto-related case.
Prosecutors suppose the dealer paid the ex-police sergeant to sabotage an investigation right into a suspected crypto fraudster.