Police Conduct Search and Seizure at Hanyanghwa Over 'Investment Fraud Suspicion'

Suspected Illegal Fundraising and Fraud
Raising Awareness Through Celebrity Advertisements

The police have launched a forced investigation into the beef charcoal grill franchise 'Hanyang Hwaro,' which is suspected of investment fraud.

The Gangnam Police Station in Seoul conducted a search and seizure at the Hanyang Hwaro headquarters and other locations on the morning of the 28th.

[Image source=Asia Economy DB] [Image source=Yonhap News]

A, the major shareholder and chairman of 'Banaba F&P,' the company operating Hanyang Hwaro, is suspected of recruiting investors nationwide since 2022, collecting large sums of money, and failing to return it.

Hanyang Hwaro has increased its recognition through aggressive marketing, including hiring celebrities as advertising models.

According to the police, about 150 victims have filed complaints so far, with the estimated damage amounting to approximately 20 billion won.

The police are investigating Banaba F&P's major shareholder and executives on charges of violating the Act on the Regulation of Conducting Fund-Raising Business without Permission and fraud.

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