Deacon of Large Church Accused of Fraud Worth 20 Billion Won... Sent to Prosecution
[Asia Economy Reporter Kang Nahum] The Suseo Police Station in Seoul announced on the 29th that they have sent Mr. Shin (63) to the prosecution on charges of fraud for embezzling hundreds of billions of won after soliciting investments from church members.
According to the police, Mr. Shin, a deacon of a large church in Gangnam, is accused of soliciting investments from fellow church members by claiming that high returns could be earned through gift certificates and short-term trading, then embezzling the invested funds.
It is reported that a significant number of victims have not even received their principal back since around June of last year. The police estimate the total damage to be about 20 billion won.
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The police applied for pre-indictment seizure of Mr. Shin's assets, which the court approved earlier this month.
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