50s Urgently Arrested for 70 Billion KRW Solar Power Investment Fraud

[Asia Economy Reporter Cho Hyun-ui] The CEO of a company who lured investors with the bait of a solar power generation business and fled with hundreds of billions of won was caught by the police within ten days.

Jeonbuk Jeonju Deokjin Police Station announced on the 21st that they have arrested and are investigating Mr. A (53) on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. Mr. A is suspected of embezzling investment funds worth about 70 billion won from approximately 800 people from December 2017 to June last year.

He reportedly enticed investors by saying, "We will lease solar power generation facilities," or "We will share the profits earned from power generation."

Mr. A's company had an office in Jeonju and gathered investors nationwide through banners promoting the business and phone calls. However, even after receiving the investment funds, Mr. A delayed paying profits and leasing the facilities by making excuses such as "the permits are being delayed."

The police explained that Mr. A's company committed fraud by promising to build solar power generation facilities in locations where permits were impossible from the start.

While under investigation due to complaints from victims, Mr. A disappeared without attending the pre-trial detention hearing held at the court on the 10th. The police, who began tracking him, urgently arrested Mr. A, who was hiding near an acquaintance's house, the day before yesterday afternoon.

The police stated, "We are conducting an investigation into the circumstances of the case with the suspect," and added, "Since the investigation is ongoing, it is difficult to disclose specific statements."

The police plan to apply for an arrest warrant as soon as the investigation of Mr. A is completed.

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