Police Investigate CEO Who Embezzled 1 Billion Won Through Gold Bar Scam

Gold Bar Sales Scam Targeting Employees and the Public
Police "Additional Victims Emerging... Investigating Incident Details"

[Asia Economy Reporters Jang Sehee and Hwang Seoyul] The CEO of a company who deceived buyers by selling gold bars at a cheap price and embezzled several hundred million won is under police investigation.

On the 24th, according to a comprehensive report by Asia Economy, the Suseo Police Station in Seoul is investigating a man in his 30s, Mr. A, on charges of fraud. The police received a complaint from a victim who was defrauded by Mr. A on the 10th and launched an investigation. Mr. A surrendered to the police on the day the complaint was filed and is reported to have admitted to the charges.

Mr. A is accused of promoting the sale of 10-don gold bars at 2.6 million won each last month, receiving money from victims without providing the gold bars. According to the police, the total estimated damage amounts to about 1 billion won.

Mr. A committed the crime by deceiving employees and buyers that he was selling the gold bars about 1 million won cheaper than the Korean Gold Exchange market price (3.6 million won) and continuously delaying the delivery date of the gold bars. It is reported that Mr. A initially delivered gold bars but later failed to keep his promise to deliver the gold bars two days after the order.

Mr. A, who established his company in Samseong-dong, Gangnam-gu, Seoul, also deceived his employees. He even created apps named Plus Gold and Plus Dan, telling employees that he was selling gold to VIP clients and encouraged them to buy gold bars. While giving employees small amounts of gold bars, he gathered people around the employees, increasing the scale of the damage.

During this process, Mr. A claimed that he had assets worth 130 billion won and said that if gold bars were stockpiled, significant taxes would be imposed, so they needed to be disposed of quickly.

According to victims, Mr. A also impersonated a People Power Party corporation in Irwon-dong, Gangnam-gu, Seoul, created an association related to single mothers, and hired employees to operate it.

A police official stated, "Other victims are continuing to file complaints," and added, "We are currently identifying the exact circumstances of the case."

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