'Alleged $440 Billion Illegal Multi-Level Marketing... Prosecution Arrests and Indicts Ado International Recruiter'

The recruiter of the quasi-acceptance company Ado International has been arrested and indicted for illegally raising more than 440 billion won in funds.

The Criminal Division 4 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Yuseon) announced on the 8th that on the 4th, they arrested and indicted Ham Mo, a senior recruiter of Ado International, on charges of violating the Act on the Regulation of Conducting Fund-Raising Business Without Permission. Quasi-acceptance refers to so-called 'multi-level marketing' where funds are raised from an unspecified number of people by promising principal protection without permission, registration, or reporting according to the law.

Seoul Central District Prosecutors' Office, Seocho-dong, Seoul. Photo by Jinhyung Kang aymsdream@

Ham is accused of colluding with Lee Mo, the CEO of Ado International, to quasi-accept investment funds amounting to 446.7 billion won over approximately 140,000 times. It was investigated that Ham attracted investment funds by claiming that investing in Ado International, which purchases and distributes luxury goods at low prices, guarantees the principal and yields high profits.

On the same day, the prosecution also indicted Park Mo, a provider of the investment payment system involved in about 301.1 billion won of the quasi-acceptance crime, along with Ham, while in custody.

Earlier, in September last year, the prosecution arrested and indicted a total of four people, including CEO Lee of Ado International. CEO Lee was charged with fraud for some amounts and is continuing to investigate the entire quasi-acceptance crime.

A prosecution official stated, "We will closely cooperate with the police investigating the overall damage caused by the quasi-acceptance company to uncover the full extent of the crime and handle it strictly."

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