Victims of the 'Timeff Incident' File Additional Complaints with Police... "Charges of Fraud, Embezzlement, and Breach of Trust"

Lawyer Shim Junsup: "Ponzi Scheme Behavior"

Consumers who suffered damages due to delays in settlement and refunds by Tmon and Wemakeprice, subsidiaries of Singapore-based e-commerce company Qoo10, have additionally filed complaints with the police against Koo Young-bae, CEO of Qoo10, and others.

Attorney Shim Joon-seop of the law firm Sim is expressing his position.
[Photo by Yonhap News]

On the 2nd at 4 p.m., the law firm Sim submitted additional complaints to the Gangnam Police Station in Seoul against a total of four individuals, including CEO Koo, the CEOs of Tmon and Wemakeprice, and the CFO, on charges of fraud, embezzlement, and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Previously, the law firm Sim had submitted complaints from victims to the Gangnam Police Station on the 29th of last month. Attorney Shim Joon-seop stated, "Operating a shopping mall without being able to provide settlement payments is a Ponzi scheme," and added, "Illegally misappropriating funds to grow Qoo10’s subsidiary Qxpress and the negligent management of the company may constitute breach of trust or embezzlement."

Immediately after receiving the complaints, the police assigned the case to Investigation Division 1 of the Gangnam Police Station. The additional complaints are expected to be merged with the ongoing case for investigation.

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