South Korea Police Crack Down on TikTok Investment Scam Network Using Foreign Cash Couriers

South Korean police have arrested two foreign nationals suspected of acting as cash couriers for an investment scam network that allegedly targeted victims through TikTok livestreams and fake stock investment opportunities.

The two Uzbek nationals were detained and referred to prosecutors on suspicion of collecting scam proceeds and transferring funds to a wider criminal organisation, according to local police.

Investigators said the group promoted fraudulent investment opportunities linked to a Kosdaq-listed company through TikTok, promising unrealistic returns of 600% to 1,000%. Victims were later moved to private online chat groups, where they were persuaded to transfer money after being shown fake investment results.

The scheme allegedly collected around 80 million won ($55,400) from victims through bank transfers and in-person cash payments. In one case, a victim was told that additional cash or gold was required to withdraw supposed investment profits. The criminal group then sent couriers to collect a further 50 million won in cash.

Police found that the suspects used rental vehicles to meet victims and transport funds. Investigators tracked the vehicles and arrested the two suspects in Cheongju, while continuing efforts to identify the alleged organisers and other participants involved in the network.

Authorities said the group appeared to have used a layered structure, with multiple couriers handling transfers between victims and higher-level operators. This arrangement was designed to make it harder for investigators to trace the movement of criminal proceeds.

South Korean police have increasingly focused on foreign cash couriers linked to financial fraud networks, as criminal groups use intermediaries to move funds obtained through investment scams and voice phishing operations.

The investigation remains ongoing as authorities examine whether additional victims and couriers are connected to the scheme.