Over 10 Participants in the 'JY Incident' Referred to Prosecution Again for Fraud
[Asia Economy Reporter Lee Jung-yoon] It has been confirmed that those involved in the 'JY Group case' operated a cosmetics company with unclear business substance and committed a fraud by collecting over 1 trillion won in investments from investors, and have been sent to the prosecution.
According to the police on the 3rd, the Songpa Police Station in Seoul handed over Um (57), the CEO of Ash Seven, and 64 related individuals to the prosecution on the 27th on charges including illegal fundraising and violation of the door-to-door sales law.
During the investigation of these individuals, the police confirmed that about 10 people involved in the crime had also participated in the past JY Group case. However, a police official stated, "The two cases are separate, and no financial flow between them has been identified."
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The JY Group case was an illegal investment fraud with damages amounting to 2.1 trillion won, and the main culprit, Joo Soo-do, former chairman of JY Group, was sentenced to 12 years in prison in 2007 for this case.
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