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Gang nabbed for facilitating illegal exchange of over $71.5 mil. in gambling funds

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By Yonhap
  • Published KST
A Korea Customs Service official demonstrates how cash was transferred between Korea and the Philippines in a briefing on an illegal foreign exchange transmission operation involving a combined $71.5 million. Yonhap

A Korea Customs Service official demonstrates how cash was transferred between Korea and the Philippines in a briefing on an illegal foreign exchange transmission operation involving a combined $71.5 million. Yonhap

Korea's customs agency said Thursday it busted 10 individuals who illegally transferred over 100 billion won ($71.5 million) of exchanged gambling money to the Philippines.

The Korea Customs Agency said it apprehended the individuals and transferred them to the Seoul Central Prosecutors Office on charges of illegal transmission of foreign exchange.

The suspects are accused of illegally facilitating the exchange of a combined 137 billion won for individuals seeking Philippine pesos for gambling in the southeast Asian nation.

The individuals received the money either via cash or through their bank accounts in South Korea, exchanged them into U.S. dollars, which were then carried out in luggage and golf bags to the Philippines, the customs agency said.

The couriers carried an average of $200,000 on each of a total of 519 trips to the island country, the agency added.

Customs authorities are conducting an investigation into the customers who requested the illegal transmission of funds, and have notified relevant agencies to investigate the source of the funds.