Busan police have arrested 54 people accused of laundering KRW28.7 billion, about US$21.5 million, in investment-fraud proceeds through four South Korean casinos, including Kangwon Land. The alleged operation ran from October through December 2025 and involved money stolen from 555 victims by an overseas fraud network.
The Busan Metropolitan Police Agency announced the arrests on Oct. 15. FocusGN reported that the investment scheme drew victims with promises of high returns and fabricated websites designed to make the investments appear legitimate.
Investigators said the network recruited casino VIP customers and permanent residents eligible to enter foreigner-only casinos. It initially used casino-linked bank accounts to buy gaming chips, taking advantage of procedures that allowed chips to be converted back into cash.
After those accounts were frozen, the suspects allegedly withdrew money by cheque and exchanged it for chips at casino counters. They then placed baccarat wagers to create the appearance of legitimate gambling transactions before cashing out remaining chips.
In some instances, two participants allegedly wagered on opposing baccarat outcomes to limit losses. Members also used concealed locations within casino premises to hand cash to one another, after which couriers delivered it to the overseas organisation behind the investment fraud.
Police seized KRW111 million in cash, mobile phones and computers. A court also approved the preservation of KRW390 million in assets, including real estate, ahead of possible confiscation.
Fourteen suspects, including the alleged ringleader, were detained and referred for prosecution. Three had already been wanted by police, including one person who investigators said had evaded arrest for eight years in a separate money-laundering case.
Police submitted recommendations to casino operators and the Ministry of Culture, Sports and Tourism calling for closer monitoring of high-value bets and cash withdrawals to reduce the risk of laundering through casinos.
