'71.8 Billion Won Tax Evasion' Ra Deok-yeon Gang, Detention Period Extended
The detention period of Ra Deok-yeon, the key figure in the 'SG Securities Stock Price Crash Incident,' and his associates has been extended.
According to the legal community on the 27th, the Seoul Southern District Court issued additional arrest warrants for Ra and former professional golfer Ahn Mo (33), as well as Byeon Mo (40), CEO of Hoan FG. The Seoul Southern District Prosecutors' Office's Joint Investigation Unit on Financial and Securities Crimes (Chief Prosecutor Ha Dong-woo) indicted former CEO Ra and others on the 8th on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (tax evasion) and requested additional arrest warrants.
They are accused of concealing business income and evading 71.8 billion KRW in income tax and value-added tax while committing crimes such as unregistered investment discretionary business and market manipulation from January 2020 to May this year. The maximum detention period set by the court is six months per trial level, and Ra's detention period was supposed to end at midnight the previous day. Ra applied for bail on the 22nd but was denied on the 23rd. With the issuance of the additional arrest warrant, Ra's detention is extended for up to six months.
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Ra is also accused of gaining approximately 730.5 billion KRW in illicit profits through market manipulation related to the SG Securities stock price crash incident in April. He was arrested and indicted on May 26 and is currently on trial. Since May, the prosecution has indicted a total of 15 people, including Ra, on charges such as violations of the Capital Markets Act. They are undergoing first trial proceedings.
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