'Arrest and Indictment of Ado International Recruiter for 400 Billion Won-Scale Fraudulent Fundraising'

Fraud Charges Also Applied for Investment Fund Embezzlement...

The top-level recruiter involved in Ado International's fraudulent quasi-deposit scheme worth approximately 440 billion won has been brought to trial.

The Criminal Division 4 of the Seoul Central District Prosecutors' Office announced on the 7th that it has arrested and indicted Jo, the top-level recruiter of the quasi-deposit company Ado International, on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business Without Permission.

Quasi-deposit refers to raising funds from an unspecified number of people by promising principal protection without obtaining the necessary permits, registration, or notification as required by law.

Jo is accused of conspiring with Lee, the representative of Ado International, from February to July last year, participating in approximately 140,000 instances of quasi-deposit crimes amounting to about 446.7 billion won.

The prosecution also applied fraud charges for 24.7 billion won of this amount. Jo, Lee, and others are investigated to have embezzled this sum under the pretense of investment funds over about 6,000 transactions.

Starting with the indictment and arrest of representative Lee in September last year, the prosecution has indicted a total of 16 people, including the developer of the investment payment system "AdoPay" exploited to extort money from investors, the developer of the AdoPay webpage, and the heads of affiliated companies involved in illegal fund procurement. Among them, 11 people, including Jo, have been indicted while in custody.

The prosecution stated, "We will continue to work closely with the police investigating the overall damage caused by Ado International to uncover the full extent of the crimes and handle them strictly."

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