"Investing in Cosmetics Business Means Big Money"... 60s Suspect in 700 Million KRW Fraud 'Referred to Prosecution'

A man in his 60s who deceived people into investing in a cosmetics business, promising large profits, and carried out a fraud scheme involving 700 million won has been handed over to the prosecution.

On the 23rd, the Haeundae Police Station in Busan announced that Mr. A was sent to the prosecution without detention on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission.

Mr. A, the CEO of a certain cosmetics company, is accused of falsely claiming from July 2017 to May 2020 in Busan that investing in the cosmetics business would guarantee the principal as well as shares and dividends, thereby swindling a total of about 770 million won from four people.

The victims were mainly women who participated in lifestyle gatherings such as flower arranging and were introduced to the investment by Mr. A’s wife or acquaintances, resulting in their losses.

It is reported that Mr. A continued his fraudulent activities even while on trial after being prosecuted for similar crimes in Jeollado.

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