Two South Korean "fugitives," who are wanted in their country for their alleged involvement in investment scams, have been arrested by the Bureau of Immigration (BI) in Paranaque City.

The BI identified them as Kim Young Sam, 58, and Weon Cheolyong, 59, who were arrested at the BF Homes Village in Paranaque City last April 22.

“Both aliens will remain at the BI custodial facility inside Camp Bagong Diwa, Taguig City until their deportation,” the bureau said.

The arrest of Kim was ordered Commissioner Joel Anthony M. Viado, it said.

During the operation, the BI said “the arresting agents discovered the presence of another Korean fugitive later identified as 59-year-old Weon Cheolyong.”

It said that “Kim will be deported immediately as he was already ordered expelled by the BI board of commissioners in December 2021 for being an undesirable alien.”

“Kim is also subject of an Interpol (International Criminal Police Organization) red notice that was issued in 2018 after a warrant for his arrest was issued by the Seoul central district court where he was charged with fund raising for a business without government permit,” the BI said. 

“Authorities alleged that as manager of a Seoul-based company, Kim and his accomplices engaged in fraudulent operations by soliciting investments for the development of an alleged cryptocurrency business,” it also said.

It added that since 2015 “the said company has defrauded over 3 billion worth of investments from 253 victims.”

In the case fo Weon, the BI said that “initial investigation revealed that he is an overstaying alien and also a fugitive wanted in Korea for several instances of investment fraud which caused losses of more than 17 million pesos from 14 victims."