South Korean Police Name 54 Suspects In $21.4 Million Casino Laundering Case

South Korean police have referred 54 suspects to prosecutors over allegations that they laundered KRW28.7 billion ($21.4 million) in investment fraud proceeds through casinos, including Kangwon Land.

Good To Know

• Police held 14 suspects in custody, including the alleged ringleader.
• Investigators traced the money to an investment scam involving 555 victims.
• The alleged network recruited casino VIP customers and overseas permanent residents.

Casino Cash Transactions Draw Police Response

Police have urged casino operators and the Ministry of Culture, Sports and Tourism to strengthen checks on high-value betting and cash withdrawals following the investigation.

Authorities seized approximately KRW111 million in cash, luxury goods and about 50 phones and computers. They also secured court approval to preserve roughly KRW390 million in assets, including property, for possible confiscation.

The Busan Metropolitan Police Agency announced the referrals on Thursday. Prosecutors received cases involving another 40 suspects without police holding them in custody.

According to Yonhap News Agency, the alleged laundering began in October 2025. An overseas investment fraud organisation had collected the money by promising high returns and using a fake website to make investments appear legitimate.

Investigators said the suspects chose casinos because commercial banks made large cash withdrawals difficult. The group allegedly recruited VIP customers and people with overseas permanent residency who could access foreigner-only properties.

Police said participants initially bought chips through casino-designated accounts. Once authorities froze accounts, the suspects allegedly began using cheques instead.

At baccarat tables, members reportedly bet on opposing outcomes to limit losses before redeeming their remaining chips for cash. People handling the exchanges allegedly earned commissions of around 2 percent to 3 percent.

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