Former CEO of IDS Holdings, Involved in Trillion-Won Pyramid Scheme, Referred on Bribery Charges

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] The Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit announced on the 2nd that it has applied bribery charges against Kim Seong-hoon, former CEO of IDS Holdings, who is serving a prison sentence for a trillion-won-scale pyramid scheme fraud, and has sent the case to the Seoul Central District Prosecutors' Office.

From 2011 to 2016, Kim deceived about 10,000 victims with the lure of high returns and embezzled over 1 trillion won in investment funds. He was indicted on charges including fraud and received a final sentence of 15 years in prison from the Supreme Court in December 2017, and is currently serving his sentence.

Earlier, IDS Holdings victims submitted a complaint to the police in April requesting a reinvestigation, claiming that the prosecution only indicted Officer Yoon regarding the bribery charges against Kim, but did not prosecute Kim himself.

Officer Yoon, who was in charge of the IDS Holdings pyramid scheme investigation, was indicted on charges of accepting bribes and leaking official secrets related to the investigation, receiving about 60 million won in bribes, and was sentenced to 5 years in prison.

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