Top Fund CEO with 34.6 Billion KRW Unpaid, Indicted and Detained After 1 Year and 8 Months
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[Asia Economy Reporter Song Seung-seop] The CEO of the P2P company 'Topfund,' who failed to repay over 30 billion won in investment funds on time, has been indicted on charges of fraud and quasi-deposit-taking.
According to the legal community on the 19th, the Criminal Division 7 of the Seoul Central District Prosecutors' Office arrested and indicted Topfund CEO Mr. A on the 16th. Mr. A raised 126.3 billion won from about 2,200 investors by promoting an annual return of 15% in 2018. Although he advertised that the principal would be fully guaranteed, he failed to return investment funds amounting to 34.6 billion won, leading investors to file complaints against him.
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It has been 1 year and 8 months since the incident occurred that Mr. A was brought to trial.
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