'Lumen Payments CEO Arrested and Indicted for 78 Billion Won Repayment Delay'

The prosecution has indicted Kim Mo (35), CEO of Lumen Payments, who fled after causing a repayment delay incident worth approximately 78 billion won, while in custody.

[Image source=Yonhap News]

On the 13th, the Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Gong Jun-hyeok) announced that Kim, suspected of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), was indicted in custody. A acquaintance, A (50), who helped Kim escape, was also indicted in custody on charges of aiding a fugitive.

Kim is accused of using a paper company to secure false credit card sales receivables as collateral to fraudulently obtain approximately 72 billion won in advance payment loans from Cross Finance, an online investment-linked finance company. During the investigation, the prosecution additionally confirmed that Kim had fraudulently obtained about 6 billion won in advance payment loans from another company.

When an arrest warrant was requested on the 21st of last month, Kim did not appear for the pre-arrest interrogation and fled, but was apprehended on the 30th of last month at a location in Yeongdeungpo, Seoul. The prosecution also arrested A on the same day, who provided Kim with a borrowed mobile phone, a hideout, and a vehicle to aid his escape.

A prosecution official stated, "We will continue to do our best to strictly punish various financial crimes and offenders who disrupt judicial order by abusing new methods, thereby protecting ordinary citizens, bona fide investors, and small business owners, and establishing the principle that 'financial criminals who disturb market order must pay the price.'"

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