Wanted South Korean arrested over $122 mln scam

By Phan Anh March 28, 2022 | 03:39 am PT

After two years in hiding, an internationally wanted South Korean man has been arrested in Hanoi for scamming victims out of $122.2 million, police announced Monday.

Kim Jin Ki, 66, was arrested by local police at an apartment in Hanoi’s Nam Tu Liem District on Sunday, Voice of Vietnam reported. Procedures are underway to hand him over to South Korean police.

Kim is the representative director of Seoul-based TAS C&M Inc. He and his accomplices committed fraud by tricking victims into believing the firm was operating a factory in Eumaseonggun, Chungbukdo.

Kim said the firm had certain patents for meat processing, and there is much profit to gain by "processing low-quality meat into high-quality meat". If people invest in the company, they may gain 3 percent of the monthly profit, he said.

From August 2017 to June 2019, Kim and his accomplices succeeded in earning ₩150 billion ($122.2 million) off around 1,000 victims. In 2020, Kim entered Vietnam, and constantly moved around in order to evade authorities.