▲ The Gyeonggi Nambu Provincial Police Agency (Yonhap)

SEOUL, Sept. 14 (Yonhap) --- A money laundering ring has been busted for laundering more than 90 billion won (US$67 million) in criminal proceeds on behalf of fraud organizations, police said Monday.

The Gyeonggi Nambu Provincial Police Agency said it has arrested seven members of the money laundering ring, including a man in his 40s identified as the ringleader, and referred them to the prosecution on charges including criminal proceeds concealment.

The suspects are accused of laundering criminal proceeds totaling 93.4 billion won between June 2025 and February this year through shell companies posing as gift certificate distributors in Seoul and four cities in Gyeonggi Province.

The money launderers allegedly converted funds received by criminal rings involved in fraudulent stock investments and secondhand goods trading from their victims into cash or checks, the police said.

Cash and checks withdrawn by the money laundering suspects were subsequently handed over to the criminal organizations, the police added.

The suspects did not directly participate in the fraud schemes but specialized solely in laundering criminal proceeds in exchange for commissions. They posed as gift certificate vendors to disguise large-scale deposits and withdrawals as legitimate business transactions, the police noted.

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