TLDR South Korean police caught 43 suspects tied to a $1.9 billion illegal gambling ring. The group’s suspected leader was kidnapped in Malaysia for a $10 million crypto ransom. An associate paid $3 million before Malaysian police rescued him four days later. Police then found he was wanted on an Interpol Red Notice for illegal gambling. Investigators found about $117 million in suspected criminal proceeds and are seeking to freeze it.
South Korean police have broken up an illegal gambling ring that handled about $1.9 billion in bets. The case came to light after its suspected leader was kidnapped in Malaysia and held for a $10 million cryptocurrency ransom.
The North Chungcheong Provincial Police Agency announced the results on Tuesday, November 3. Police said 43 suspected members of the international group were caught, and 18 of them were detained.
The group allegedly ran nine illegal gambling websites from bases in Malaysia, South Korea, and the United Arab Emirates. The sites offered sports betting, baccarat, and online slots.
A Crypto Ransom That Backfired
The suspected leader is a South Korean man in his 40s who lived in Malaysia. On April 17, he was abducted while traveling from Genting Highlands to Kuala Lumpur.
Malaysian police said kidnappers stopped his vehicle and dragged him out. They tied him up and beat him before taking him to a property where he was held.
The kidnappers were three other South Korean men. They demanded $10 million in cryptocurrency in exchange for his release.
An associate of the captive sent $3 million to the kidnappers. Four days after the abduction, Malaysian police found the man at a property in Melaka.
Officers freed him and arrested the three kidnappers. Police recovered restraints, tape, and an imitation firearm from the property where he was held.