'Timf' Victims File Group Lawsuit Against Koo Young-bae, Qoo10 CEO... "Estimated Damages in the Thousands of Billions Won"

Filing of Compensation Claim Lawsuit
"Ponzi Scheme Constitutes Breach of Trust and Embezzlement"

Consumers affected by the delayed settlement payments from e-commerce platforms Wemakeprice and TMON filed a collective complaint with the police on the 29th, targeting Koo Young-bae, CEO of Qoo10, and other related parties. The victims also plan to file a civil lawsuit against Qoo10 within the day, seeking the return of unjust profits.

On the same day, Shim Joon-seop, a lawyer from the law firm Simui representing the affected consumers, submitted a complaint to the Gangnam Police Station in Seoul against five individuals, including the CEO, accusing them of fraud, embezzlement, and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Lawyer Shim stated, "We determined that operating the shopping mall without being able to pay the settlement funds constitutes a form of Ponzi scheme fraud. Additionally, the illegal diversion of funds to grow Qxpress and the negligent management of the company fall under breach of trust and embezzlement."

Regarding CEO Koo’s announcement on the same day about resolving the situation through share sales, Shim said, "This is merely a post-facto measure to recover damages, and the harm has already occurred," emphasizing their intention to continue with criminal proceedings.

On the amount of damages, he added, "Some sellers have suffered losses amounting to tens of billions of won. In reality, the total damages are estimated to exceed several hundred billion won."

The affected consumers also plan to file a civil lawsuit at the Seoul Central District Court within the day, demanding refund payments. Lawyer Shim explained, "We will proceed with claims for the return of unjust profits for consumers who canceled transactions but did not receive refunds, and will also file damages claims against travel agencies demanding double payments." He further stated, "On the 2nd of next month, we plan to file complaints primarily on behalf of the affected sellers."

According to financial authorities, some consumers who purchased travel products and gift certificates from TMON and Wemakeprice since this month have not received refunds after canceling transactions. Sellers who sold goods on these platforms have also not received their settlement payments. The financial authorities estimate that unsettled sales proceeds for May alone amount to a total of 166.2 billion won. The damage is expected to increase when June and July figures are added.

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