Seoul: South Korea's customs agency announced the arrest of 10 individuals involved in the illegal transfer of over 100 billion won (US$71.5 million) connected to gambling activities in the Philippines. These individuals were apprehended and subsequently transferred to the Seoul Central Prosecutors Office on charges related to the illegal transmission of foreign exchange.
According to Yonhap News Agency, the suspects were accused of facilitating the exchange of a total of 137 billion won for those seeking Philippine pesos for gambling purposes in the Southeast Asian nation. The operation involved collecting money either in cash or through bank accounts in South Korea, converting it into U.S. dollars, and then transporting it to the Philippines concealed in luggage and golf bags.
The couriers reportedly carried an average of US$200,000 per trip, making a total of 519 trips to the Philippines, as detailed by the customs agency. Authorities are now investigating the customers who sought these illegal fund transmissions and have alerted relevant agencies to trace the origins of the funds involved.