Former VIK CEO Lee Cheol Faces Additional Embezzlement Allegations... Referred with Indictment Opinion

[Asia Economy Reporter Jeong Dong-hoon] Lee Cheol, former CEO of Value Invest Korea (VIK), who committed a multi-level financial fraud worth over 1 trillion won, has been sent to the prosecution on charges of embezzling company funds worth several hundred million won.

According to the police on the 7th, the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit sent Lee's embezzlement case to the prosecution with a recommendation for indictment at the end of last month.

The police reportedly confirmed that 350 million won, which VIK transferred to the accounts of executives of invested companies in July and September 2012, was transferred to Lee's personal account.

Earlier, VIK victims filed a complaint with the police in April, alleging that Lee conspired with the invested companies to embezzle VIK's funds.

Lee and others were prosecuted for establishing the unlicensed investment company VIK in 2011 and raising 700 billion won from about 30,000 people through crowdfunding, and in September last year, the Supreme Court confirmed a 12-year prison sentence.

Additionally, during the trial, it was revealed that he attracted another large illegal investment, and he was sentenced to 2 years and 6 months in prison in the first trial earlier this year.

Meanwhile, the Financial Victims Solidarity, including VIK victims, filed an additional complaint with the police in August, accusing Lee and the representative of the invested company, Mr. A, of embezzling about 15.95 billion won.

This content was produced with the assistance of AI translation services.