Police Conduct Search and Seizure at Residence of Happymoney Official in 'Timf Incident'

Ongoing Since the Morning of the 17th

The police are conducting a forced investigation into officials of the Happy Money gift certificate issuer in connection with the 'Timon·Wemakeprice (Timemep) incident.'

On the 17th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that they have been conducting a search and seizure at the residence of an official from Happy Money INC, the issuer of Happy Money gift certificates, since 9 a.m. that day.

Earlier, the police had conducted search and seizure operations last month at the office of Happy Money INC in Gangnam-gu, Seoul, and at the residence and office of the CEO of Korea Prepaid Card, a company involved in the distribution and sales of the gift certificates.

Among the complaints and accusations filed nationwide related to the Timemep unsettled payment incident, cases involving Happy Money gift certificates are being handled by the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency. Buyers of Happy Money gift certificates purchased them at discounted prices from Timemep but, due to the delayed settlement situation, they have neither received refunds nor been able to use the certificates, leading them to file a fraud complaint against Ryu Seung-seon, CEO of Happy Money INC.

Happy Money INC applied for the commencement of rehabilitation proceedings and the Autonomous Restructuring Support (ARS) program at the Seoul Bankruptcy Court in August.

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