CEO of P2P Finance Top Fund with '34.6 Billion Unpaid' Sent to Prosecution Detention
Representative Arrested After 1 Year and 8 Months
[Asia Economy Reporter Jang Sehee] The CEO of the online investment-linked finance (P2P) company Top Fund, who was arrested on charges of failing to return 34.6 billion won in investment funds to victims, has been handed over to the prosecution.
On the 31st, the Suseo Police Station in Seoul announced that it had sent Lee, the CEO of Top Platform, the corporate entity of Top Fund, to the prosecution on charges including fraud.
Lee is accused of recruiting investors in 2018 while serving as the CEO of Top Fund by claiming that "investing in promising small and medium-sized enterprises through loans and receiving interest can yield an annual return of 15%," but failing to return hundreds of billions of won.
Top Fund raised 126.4 billion won in investment funds from about 2,200 people. Although Top Fund promoted that the principal was fully guaranteed, repayment of the principal was suspended starting in July 2020 with delays in repayment of about 30 P2P loan products. It has been confirmed that Top Fund has since gone out of business.
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Meanwhile, Top Fund victims filed a complaint against Top Fund and Lee at the Suseo Police Station in October 2020 on charges of fraud and similar receipt of funds, and Lee was arrested on the 25th, 1 year and 8 months later.
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