P2P Company 'Siso Funding' Repayment Delay... Police Send Company CEO to Prosecutors
Repayment Delayed for 9 Months... Damage Amounting to Over 46 Billion Won
[Asia Economy Reporter Yoo Byung-don] The police have sent the CEO of the online investment-linked finance (P2P) company Siso Funding to the prosecution with a recommendation for indictment in connection with the delay in principal repayment.▶Refer to our September 9, 2020 report '[Exclusive] P2P company ‘Siso Funding’ repayment delay, police investigation launched'
On the 26th, the Yeongdeungpo Police Station in Seoul announced that it recently sent Siso Funding CEO Mr. A to the prosecution on charges of fraud.
According to the police, Mr. A is accused of failing to repay nearly 46 billion won in principal since last year and has not yet returned the investment funds.
P2P lending is a form of crowdfunding where specific loan products are posted on an online platform to gather investment funds, which are then lent to specific borrowers, and the principal and interest received from those borrowers are distributed to investors.
Siso Funding reportedly began experiencing repayment delays starting with some products in August last year, and as of now, it has failed to repay approximately 46 billion won across about 900 products.
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Investors who did not receive their principal and interest on time gathered through online communities such as Naver Cafes and KakaoTalk open chat rooms, and some formed litigation groups to collectively file lawsuits. The number of victims is estimated to be in the thousands.
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