Police Investigate Former Police Officers Including Gyeonguhoe Chairman and Executives for Fraud and Embezzlement Worth Hundreds of Millions of Won

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] Executives, including the president of the Korea Retired Police Officers Association, a retired police organization, are under police investigation for allegations of fraud and breach of trust involving several hundred million won.

On the 29th, the Mapo Police Station in Seoul announced that they are investigating Kang Mo, president of the Association, on charges of breach of trust, and Shin Mo, CEO of the subsidiary profit corporation Gyeongu Holdings, along with the corporation itself, on charges of fraud and evasion of compulsory execution.

President Kang is accused of causing the Association a loss of approximately 63.2 million won by lending real estate owned by the Association to CEO Shin free of charge for about 27 months. He is also accused of having the subsidiary travel agency pay about 7 million won in advance for overseas golf and family trips.

CEO Shin is accused of borrowing 375 million won from another Association executive and failing to repay it. Gyeongu Holdings was reported for selling convertible bonds worth over 2 billion won of a KOSDAQ-listed company unilaterally without consulting other creditors.

The Korea Retired Police Officers Association is a statutory organization established under the Korea Retired Police Officers Association Act. Current and former police officers are members.

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