Chinese Triads Use Korea as Cash Source

      March 01, 2005 21:25

      Chinese triads are using Korea as a source of funds by way of stolen credit card purchases, police said Tuesday.

      Seoul’s Seocho police busted seven individuals including a Malaysian triad member identified as L., 24, for using fake and stolen credit cards to purchase expensive watches and women’s handbags.

      Police said the seven, who were members of a triad branch in Malaysia, traveled back and fourth between Korea an Malaysia seven times between mid-January and late February, buying W60 million (US$59,700) worth of brand-name watches, handbags and cosmetics from the luxury goods sections of downtown Seoul department stores.

      The group stole passports and credit cards in Malaysia, and copied and used them to make the purchases in Korea.The group then resold the goods in Malaysia to fund the organization's activities there.

      The seven were arrested with 75 counterfeit credit cards in their possession, and police believe the total amount of illegally purchased goods likely exceeded the W60 million seized Tuesday.

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