‘Online Character Investment Scam’ Multi-Level Marketing Company CEO Arrested... "20 Billion Won in Damages"
[Asia Economy Reporter Yoo Byung-don] The CEO of a multi-level marketing company who recruited members by claiming they could earn profits using online characters and embezzled a large sum of money has been arrested by the police.
On the 21st, the Gangseo Police Station in Seoul announced that they had arrested Lee, the CEO of the multi-level marketing company 'Bitbot,' on charges of fraud under the Act on the Aggravated Punishment of Specific Crimes and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission. About 10 accomplices were also booked without detention.
According to the police, they are accused of attracting investors by promoting that buying and selling virtual characters online and raising membership levels would yield higher profits.
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The victims who filed complaints with the Gangseo Police Station number around 100, and the damage is reported to be in the range of 20 billion won.
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