Victim Settlement Agreement Also 'Fraudulent'... Arrest Warrants Requested for QRC CEO and 3 Others

[Asia Economy Reporter Donghoon Jeong] The police have requested arrest warrants for three individuals, including the CEO of QRC Bank, who are accused of deceiving cryptocurrency investors and collecting thousands of billions of won.

According to the police on the 14th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency recently applied for arrest warrants for QRC Bank CEO Go (40) and two executives on charges of violating the Act on the Regulation of Conducting Fund-Raising Business Without Permission and fraud.

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

The settlement agreement submitted by CEO Go's side to the police at the end of last month is also problematic. Even the proposed compensation plan for dozens of victims is suspected to be fictitious. CEO Go's side stated that they leased cryptocurrency mining machines for 'Chia Network (XCH)' (Chia Coin) from a company and provided them free of charge to victims for a certain period, promising to compensate damages through mining yields, but it is difficult to generate profits through this method.

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