"5% Monthly Profit"... CEO of Investment Firm Defrauding 150 Billion Won Indicted
Estimated Over 3,000 Victims
Damage Per Person Ranges from Tens of Millions to Billions of Won
The Seoul Metropolitan Police Agency's Financial Crime Investigation Unit announced on the 4th that they have booked and are investigating the CEO of a real estate investment company suspected of embezzling over 100 billion won in investment funds by luring investors with promises of high short-term returns.
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2023101821483920566_1697633319.jpg)
According to the police, Mr. A is suspected of fraud under the Specific Economic Crimes Act for recruiting investors by claiming that participation in real estate auctions or public sales since 2019 could yield returns exceeding 5% per month, thereby embezzling approximately 150 billion won in investment funds.
It has been identified that about 3,000 victims invested amounts ranging from tens of millions to billions of won per person.
Hot Picks Today
At President Lee's Call to "Give Enough to Shock," Whistleblower Rewards Become a Real Lottery
- If a Samsung Electronics Employee with a 100 Million Won Salary Receives a 600 Million Won Performance Bonus, Taxes Total 247.19 Million Won
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- "White House Blocks Repatriation of 'Ebola-Infected' Doctor... Ultimately Transferred to Germany"
- "4.15 Million Won Prada Jacket Shows White Spots After One Wear"...Korea Consumer Agency Orders Full Refund
The police are currently reviewing the application for an arrest warrant against Mr. A.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
