Police Investigate QR C Bank on Charges of Virtual Currency Investment Fraud

[Asia Economy Reporter Jeong Dong-hoon] The police have launched an investigation into QRC Bank, which is accused of collecting hundreds of billions of won from cryptocurrency investors.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the 16th that they have booked QRC Bank CEO Go Mo (40) and other related individuals on charges of violating the Act on the Regulation of Conducting Fund-Raising Business Without Permission and fraud, and are conducting an investigation.

The police believe that since the end of 2019, they have gathered investment funds from investors under multiple business purposes such as high-dividend investments and cryptocurrency trading. It is estimated that there are about 5,000 victims. It has been identified that a significant number of ethnic Koreans in China and North Korean defectors have also been affected. The scale of the damage is reported to be in the hundreds of billions of won.

A police official stated, "We are continuing the investigation focusing on the upper levels of the pyramid scheme."

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