'Alleged Cryptocurrency Investment Scam Involving Up to 15% Profit on 24 Billion Won... Police Investigating'

Recruiting Over 300 Investors Across the Nation and Japan

[Asia Economy Reporter Yoo Byung-don] The police have been investigating for two years the operators of an investment company who deceived investors by promising dividends from profits when investing in virtual currency (coins), embezzling hundreds of billions of won.

On the 14th, the Seoul Gwanak Police Station announced that it is investigating about 20 operators of coin investment company A and a woman, Ms. B, on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business Without Permission.

Ms. B is accused of deceiving about 300 victims by guaranteeing the principal and promising monthly dividends of up to 15% from coin investments, receiving about 24 billion won in investments, and failing to pay the dividends.

Ms. B and the operators of company A established regional headquarters in Seoul, Incheon, Busan, Daejeon, and Jeju from August 2018 for one year, holding investment briefings to attract investors. Similar investment briefings were also held in Japan, recruiting about 170 Japanese nationals.

Investors joined as members through company A’s website and smartphone application (app), purchased coins, and invested by transferring money to company A’s account.

A police official explained, "As the number of victims has recently surged, we are conducting the investigation in consultation with the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit."

Meanwhile, Ms. B reportedly claimed in an interview with the media that "she is also a victim who invested in company A."

This content was produced with the assistance of AI translation services.