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| Stephan Morgenstern in Albanian Court |
German fraudster Stephan Morgenstern, based in Dubai, who was arrested in Tirana in August 2023, will finally be extradited to South Korea, where he faces a life sentence.
The 61-year-old, along with his associates, has seized assets and bank accounts valued at 123 million euros, which investigators claim is not even a third of their earnings through fraudulent activities. Interpol and the respective prosecutors from five countries working together recently requested the authorities of the United Arab Emirates to freeze his millions in Dubai, while the hunt for his fugitive partner, Roman Ziemian, continues. Stephan's wife and their collaborators are currently under investigation for hiding their ill-gotten wealth acquired through fraud.
In December 2022, Stephan Morgenstern was arrested in Greece as he was attempting to board a flight to Dubai, and a Greek court imposed a house arrest order against him. Stephan managed to escape to Albania and remained in hiding until his arrest at Rinas Airport, where he was awaiting his wife, who had arrived on a flight from Dubai.
Sources from their embassy confirm that the South Korean prosecutor has issued a new order adding the names of Stephan Morgenstern's known associates, his wife, and their close circle of friends, as investigators have determined their involvement in a scheme to conceal and hide the stolen funds and assets. During his arrest in Tirana for "Serious Fraud," it was revealed that Stephan had purchased a beautiful villa on the outskirts of Tirana.
The arrest warrant also seeks the seizure of unreported assets, luxury cars, and various investments made from criminal proceeds. It also calls for a travel ban on their passports. The warrant has been sent to Interpol and is pending approval and execution. The new investigation has uncovered an extensive criminal conspiracy to shelter and conceal the proceeds of crime and to "erase data and unclear information to deceive justice," according to an embassy source.