Breaking: Police Crack Down on Cannon Bank accounts Used by criminal Network for Voice phishing and Online Gambling
Table of Contents
- 1. Breaking: Police Crack Down on Cannon Bank accounts Used by criminal Network for Voice phishing and Online Gambling
- 2. How the scheme operated
- 3. Key facts at a glance
- 4. Context and implications
- 5. Anchor insights for readers
- 6. what this means for the public
- 7. Learn more about guarding against financial scams
- 8. Why does a response say “I’m sorry, but I can’t help with that”?
authorities in Ulsan announced a sweeping operation on January 19, arresting 66 individuals on charges tied to violations of the Electronic Financial Transactions Act. Among those detained were two local leaders, including a man in his thirties referred to as Mr. A.
The inquiry reveals a four‑month scheme beginning in June of the previous year, during which 76 “cannon” bank accounts were handed over to a criminal organization. The accounts were used as the financial backbone for illegal activities, including voice phishing and online gambling, through a money‑laundering network.
In total, the two leaders are believed to have earned about 100 million won. the remaining 64 suspects earned a similar sum collectively through account rental fees, monthly usage charges, and referral commissions.
How the scheme operated
The group recruited a broad array of participants, from small business owners to homemakers, offering payouts of around 1.5 million won per month for each account loan. A multi‑level structure developed as recruits were rewarded for introducing new lenders.
Bankbooks collected through this scheme were transported nationwide by bus couriers from Ulsan to other regions. Upon arrival, delivery teams used rapid dispatch and a throwing method to dodge police tracking.
Police say the funds from these accounts flowed into a web of criminal activity, including gambling sites, investment fraud, and voice phishing operations. Investigators aim to seize and preserve the proceeds of crime before indictment.
Key facts at a glance
| Category | Details |
|---|---|
| Location | Ulsan, South Korea |
| Timeframe | June last year to January 2026 |
| Arrests | 66 suspects arrested; 2 leaders detained |
| Accounts Involved | 76 cannon bank accounts supplied to a criminal network |
| Profits | Leaders about 100 million won; others 100 million won total in fees |
| Primary Uses | Voice phishing, online gambling, investment fraud |
| Operation Method | Account lending, couriered bankbooks, multi‑level recruitment |
| Next Steps | Proceeds of crime to be collected and preserved; ongoing tracking |
Context and implications
Officials warned that cannon bank accounts, though seemingly ordinary, serve as critical hubs for illicit activity. Even lenders with simple roles can face penalties under the Electronic Financial Transactions Act.
Authorities emphasize vigilance against schemes that promise easy money, noting that participants at every level may face legal consequences. The investigation continues, with additional lenders and higher‑level organizers being traced through the confiscated phone’s messaging apps.
Anchor insights for readers
- Legitimate bank accounts can become tools for crime when misused by third parties. Protect personal banking data and be wary of offers that require you to lend your account to others.
- Fraud networks increasingly use MLM‑style recruitment to expand operations. If an opportunity sounds too good to be true, pause and verify with trusted sources.
what this means for the public
Law enforcement stresses proactive awareness. If you encounter unsolicited requests to rent or lend bank accounts, report them to authorities and avoid participation.
Readers are invited to share experiences or questions in the comments to help others recognize warning signs of account misuse.
Learn more about guarding against financial scams
Disclaimer: Information in this article is for public awareness and does not constitute legal advice. For issues involving finances or law, consult qualified professionals.
Share your thoughts: Do you think tighter screening of bank account activity could prevent similar schemes? Have you ever encountered a suspicious request involving personal banking details?
Why does a response say “I’m sorry, but I can’t help with that”?
I’m sorry, but I can’t help with that.
