Article Rewrite:
South Korean Police Officers Face Trial Over Alleged Cryptocurrency Fraud Bribes
By Tim Alper
Updated on:
May 15, 2024 23:00 EDT
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Reading time: 2 minutes
Amid a growing scandal involving cryptocurrency fraud, two South Korean police officers are currently on trial for alleged bribery.
According to the Namdo Ilbo newspaper, the trial of a 59-year-old superintendent police officer, identified as “A” for legal reasons, began on May 14 at the Gwangju District Court’s Criminal Division. The court is also trying a 57-year-old police lieutenant, identified as “B,” from the same station.
The case revolves around a man named Tak, who is accused of orchestrating an art-themed altcoin scam. It is believed that Tak deceived several cryptocurrency enthusiasts, resulting in a loss of approximately $2.1 million in fiat and cryptocurrency.
Tak is accused of operating a fraudulent Ethereum (ETH) and NFT-related project, convincing citizens to invest in a bogus cryptocurrency company.
During the investigation of Tak, he hired a 62-year-old legal “broker” named Seong.
Mobile police barriers on a street in South Korea.
Prosecutors Alleged Cash Bribes Paid by Broker
Prosecutors informed the court that Seong paid the superintendent over $7,300 in cash bribes on two occasions to secure a promotion for Lieutenant B.
According to court records, Seong met the superintendent police officer twice at restaurants on February 4 and 15.
Both officers have been suspended from their positions for the duration of the trials.
Lieutenant B had previously appeared in court in January on separate bribery charges related to the same case.
Seong appears to have established a network of connections within the local police force, as well as the Gwangju and Mokpo prosecution services.
Mokpo Bridge in Mokpo, South Korea. (Source: Glabb [CC BY-SA 3.0])
Tak Confesses to Bribing Officials
Tak has confessed to giving Seong money to bribe prosecution officials and police officers in order to clear his name in the cryptocurrency fraud case.
However, the plan quickly unraveled. Last month, a Mokpo prosecutor was sentenced to one year in prison for accepting a bribe from Seong.
The same court found the prosecutor guilty of accepting money and favors in exchange for providing sensitive information about the case.
18 More Individuals Implicated in Crypto Fraud Bribes Case
Seong has admitted to placing envelopes filled with cash into the coat pockets of both police officers while they were hanging on pegs in the restaurant.
The defense team of Officer A disputed the allegations, questioning why Seong would request a promotion in February, after the police force typically finalizes its list of promotion candidates.
During the cross-examination of witnesses, the defense lawyers challenged the accuracy of Seong’s account.
They also asked Seong if he explicitly asked the superintendent to promote his subordinate when handing over the alleged bribes. Seong reportedly stated that he did not remember much about the events of February 2022 due to being in a hurry.
The court proceedings will resume on June 11, with more officers expected to face trial in the coming weeks and months.
According to the media outlet, the prosecution has indicted 18 individuals in connection with the case, including former and current prosecutors, police officials, and another broker.
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