South Korean Police Refer More Than 100 Suspects in Crypto and EV Battery Investment Cases

Investment scams are among the leading financial fraud threats worldwide, according to INTERPOL’s 2026 Global Financial Fraud Threat Assessment. Financial fraud-related notices and alerts issued by INTERPOL member countries rose 54% from 2024 to 2025. In South Korea, North Chungcheong police disclosed two cases on November 10 in which separate groups allegedly promised high returns on investments in an overseas-listed cryptocurrency and a purported electric vehicle battery venture.

Crypto group allegedly inflated prices and trading volume

Police said the crypto group had about 75,000 members. Investigators allege that the group paid to list a token on an overseas exchange, then used automated trades to manipulate its price and inflate trading volume.

Police referred 86 suspects to prosecutors, including two alleged ringleaders who were in custody. Investigators put the group’s suspected criminal proceeds at about KRW 10.2 billion (approximately US$7.59 million).

Battery promoters claimed a breakthrough and ties to Trump

In the second case, promoters allegedly told investors that their company had developed an EV battery that would not catch fire and was preparing to go public. They showed a purported demonstration and claimed personal ties to US President Donald Trump to lend credibility to plans to export to the United States. Police found no evidence that the company had researched or developed the battery.

Police said the group took in about KRW 66.13 billion (approximately US$49.20 million) from roughly 33,000 investors between October 2024 and July 2025. Sixteen suspects were referred to prosecutors without being detained. Many of the victims across the two cases were in their 60s and 70s, and some had invested retirement savings.

In a broader update on unauthorised fundraising, North Chungcheong police reported 103 referrals and said they had frozen virtual assets worth about KRW 10.65 billion (approximately US$7.92 million). The two cases described above account for 102 referrals.

Investor warning

Treat promises of guaranteed principal and high returns as warning signs. Before sending money, check whether the provider is authorised to offer the investment and verify any claims about exchange listings, public offerings or new technology through independent sources. If you have already paid and suspect fraud, contact your bank or payment provider promptly and save your messages and payment records. For questions about a broker or a suspicious investment offer, visit BrokersView.

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