'Jeonse-ro Billae Tal Su Itda' Rental Car Company CEO Who Deceived Over 420 People Sent to Prosecution
[Asia Economy Reporter Lee Jung-yoon] The CEO of a rental car company who defrauded approximately 420 people of 16 billion KRW has been sent to the prosecution on fraud charges.
On the 21st, the Seocho Police Station in Seoul announced that they had arrested former CEO A of the rental car company One Car Networks on fraud charges and sent him to the prosecution.
A is accused of deceiving about 420 people by promising to provide rental cars upon payment of a vehicle deposit and refunding the full deposit after four years, thereby embezzling approximately 16 billion KRW.
A reportedly squandered most of the victims' money on personal expenses such as gambling and operated a Ponzi-like scheme by using deposits from subordinate contract holders to release vehicles to senior contract holders. After victims who did not receive their money filed complaints, A fled in April and was apprehended by undercover police in Gangdong-gu, Seoul, on the 12th, about four months later.
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The police are continuing their investigation, believing there may be accomplices and additional victims.
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