Criminals engaged in laundering gaming winnings in the so-called "gray zone" of South Korea were detained. They are suspected of using servers located in the Philippines to run 16 illicit online gaming websites, laundering 55 billion won ($38.5 million).
Having studied art in the past, one of the suspects used money earned from gaming websites to buy 47 pieces of art. Famous painters including Lee Ufan, Nam June Paik, Takashi Murakami, and Pablo Picasso were found in his collection. The prices at which he later sold them to galleries led prosecutors to estimate these artworks’ value at 4.7 billion won ($3.51 million).
On a daily basis, the crooks moved over 600 million won to hundreds of bank accounts and withdrew the cash in Korea, while handling the illicit resale of high-end vehicles at the same time. Four persons have been arrested for illegal actions, according to the Busan County Violent Crime Investigation Department. Five of their accomplices were charged, but were not placed in custody.
The thieves lived rather a lavish lifestyle thanks to the money they got illegally. One of them even succeeded in purchasing real estate for 16.4 billion won.