South Korean authorities have uncovered an underground currency network with a multi-million dollar turnover
According to the Customs Service, the suspects facilitated unauthorized exchanges amounting to approximately 137 billion Korean won (around $104 million). They reportedly received funds for gambling in cash and through bank transfers, converting the money into U.S. dollars before smuggling it out of the country in golf bags and regular luggage.
Authorities believe the suspects were involved in illegal gambling operations abroad. Investigators are now working to trace the sources of the funds and identify the individuals who initiated these transactions.
It is estimated that each courier transported around $200,000 (approximately 16 million rubles) per trip, with the group making a total of 519 trips to the Philippines.
Under South Korean law, unauthorized export of funds abroad is considered a serious offense, particularly when linked to gambling activities. The government maintains strict oversight of illegal capital flows.
Notably, local casino operators in the Philippines have formed an alliance aimed at enhancing security within the industry.
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