Executives of Sangjo Company Embezzling Hundreds of Millions of Customer Funds Under Investigation for 'Installment Transaction Act Violation'

Seoul Seocho Police Station exterior view

[Asia Economy Reporter Heo Kyung-jun] The management of Asan Sangjo, who were handed over to the prosecution on charges of embezzling hundreds of millions of won of customer money using false documents, are now under additional police investigation.

On the 18th, the Seocho Police Station in Seoul announced that they are investigating Asan Sangjo CEO Jang Mo and the alleged actual owner Na Mo on charges of unauthorized withdrawal of member funds deposited in banks and failure to pay cancellation refunds despite receiving customer contract cancellation requests.

They were sent to prosecution in custody on charges of submitting documents fabricated to appear as if members had canceled their contracts for one year from January 2019, embezzling 650 million won of deposits into the Sangjo company account.

Meanwhile, the Seoul Metropolitan Government's Civil Life Judicial Police Unit forwarded the Asan Sangjo management to the prosecution in July 2020 on charges of violating the Installment Transactions Act, and it is reported that the prosecution requested supplementary investigation from the police in May last year.

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