Police Conduct Search and Seizure at KakaoPay Headquarters Over Allegations of Illegal Support Fund Receipt
The police have launched an investigation into KakaoPay on suspicion of receiving illegal support funds from an electronic financial auxiliary business operator (VAN company).
According to the police on the 3rd, the Anti-Corruption and Public Crime Investigation Unit of the Seoul Metropolitan Police Agency is conducting a search and seizure at KakaoPay's headquarters located in Bundang-gu, Seongnam-si, Gyeonggi Province. The items subject to seizure include all materials related to the allegations, including electronic records.
KakaoPay is suspected of receiving illegal support funds from a VAN company during the process of recruiting offline franchise stores for KakaoPay.
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KakaoPay is a comprehensive fintech service company that provides payment, remittance, and other services through KakaoTalk, known as the national messenger. Established in April 2017, KakaoPay has a market capitalization of 4.7102 trillion won.
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