Prosecutors Seize 27 Billion KRW in Assets from Lee Hee-jin Brothers in 'Scam Coin Fraud' Case

Gangnam-gu Cheongdam-dong Building, Jeju and Gyeonggi Residences
Seizure and Preservation of Assets Owned Under Borrowed or Personal Names

The prosecution investigating the scam coin case involving the "Cheongdam-dong stock millionaire" brothers Lee Hee-jin (37) has seized assets worth approximately 27 billion won. Scam coins refer to coins issued by foundations that deceive investors by falsifying the business substance and embezzling investment funds.

[Image source=Yonhap News]

On the 26th, the Seoul Southern District Prosecutors' Office Virtual Asset Crime Joint Investigation Team (Head Lee Jeong-ryeol) announced that they filed a petition for seizure and preservation of criminal proceeds against Lee and his younger brother Lee Hee-moon (35), who are accused of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust) and fraud, and received full approval on the 24th.

The seized assets include five real estate properties owned under borrowed-name corporations or individuals, such as buildings located in Cheongdam-dong, Gangnam-gu, Seoul, residences in Jeju and Gyeonggi, land, and one golf club membership located in Gangwon, totaling approximately 27 billion won.

According to the prosecution, from March 2020 to September last year, they issued and listed three scam coins including Pikacoin, and through deceptive acts such as false and exaggerated promotions and market manipulation, they sold these coins and embezzled a total of approximately 89.7 billion won.

Lee is also accused of not returning about 412.12 bitcoins (worth approximately 27 billion won at the time) received as payment for T Coin sales from February 9 to April 19, 2021, to the victim company, the T Coin issuing foundation, but instead transferring them to a borrowed-name account at an overseas exchange and arbitrarily misappropriating them.

A representative of the joint investigation team stated, "We will do our best to strictly punish virtual asset abuse crimes that cause many victims and thoroughly recover criminal proceeds."

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