Genting kidnapping case: Three South Koreans granted bail over RM39.5m crypto ransom plot, victim jailed for overstaying

KUALA LUMPUR, June 30 — Three South Korean men accused of kidnapping their compatriot in a case linked to a cryptocurrency ransom demand worth RM39.5 million were granted bail by the Sessions Court in Raub, Pahang, on Monday.

According to MySinchew, Sessions Court judge Noor Zaihan Ali allowed bail at RM20,000 each with two local guarantors.

The accused were also ordered to surrender their passports to the court and report to the nearest police station on a weekly basis.

The three men — Kwon Kyung-ryul, 28, Kwak Jae-il, 40, and Kim Myeong-joon, 40, all from Busan — had previously pleaded not guilty to unlawfully confining 40-year-old South Korean national Kim Chan-kyu.

They are accused of abducting the victim at KM16 of the Genting Highlands road on April 17 while he was travelling back to Kuala Lumpur.

The case allegedly involved a ransom demand of 10 million Tether (USDT), and the trio is charged under Section 3(1) of the Kidnapping Act 1961.

If convicted, they face between 30 and 40 years’ imprisonment, as well as whipping.

The court fixed July 21 to 23 for mention and submissions after bail was posted.

In a separate proceeding at the Bentong Magistrates’ Court last Friday, Kim Chan-kyu was sentenced to two months’ jail from the date of arrest after pleading guilty to overstaying in Malaysia.

He was represented by counsel Revin Kumar and charged under Section 15(1)(c) of the Immigration Act 1959/63, which carries a maximum penalty of a RM10,000 fine, up to five years’ imprisonment, or both. He is currently serving his sentence at Bentong Prison.

In a twist to the case, it was revealed that Kim is a fugitive wanted by South Korean authorities and had been living in Malaysia since 2016.

The kidnapping case came to light after Kim’s wife and a local friend lodged police reports, leading to authorities rescuing him from a homestay in Melaka where he was allegedly being held captive.