Police in South Chungcheong province are investigating a criminal group accused of manufacturing counterfeit Korean won bills and using them to defraud cryptocurrency traders during in-person transactions.

According to Chosun Ilbo, the group was found in possession of 9,188 fake 50,000-won notes, with a value of about 459.4 million won ($330,000), last year. Investigators said the suspects printed the bills using a color printer and contacted crypto traders online to arrange face-to-face exchanges of cash…