Police Conduct Search and Seizure at 8 Locations Including Happy Money Issuer Headquarters

The police are conducting a search and seizure at the headquarters of Happy Money, the issuer of gift certificates that were suspended due to the settlement delay incident involving 'T-mep' (Timon and Wemakeprice).

Ryu Gwang-jin, CEO of Tmon, who is accused of fraud, embezzlement, and breach of trust under the Special Act on Economic Crimes in connection with the large-scale unsettled payment incident involving Tmon and Wemakeprice, is attending the pre-trial detention hearing at the Seoul Central District Court in Seocho-gu, Seoul on the 18th. Photo by Jo Yong-jun

The Seoul Metropolitan Police Agency's Financial Crime Investigation Unit announced that from 9 a.m. on the 21st, they are carrying out search and seizure operations at eight locations, including the headquarters and offices of Happy Money Inc.

Happy Money is a gift certificate sold on Timon and Wemakeprice at a discount of about 7-10% off the face value, but many affiliated stores stopped accepting it after a settlement delay incident occurred.

As a result, purchasers of the gift certificates filed a complaint with the police accusing Ryu Seung-seon, CEO of Happy Money Inc., of fraud, claiming that although they bought the gift certificates from Timon and Wemakeprice, refunds and usage became impossible due to the aftermath of the settlement delay incident.

The police are continuing their investigation, including questioning CEO Ryu and the CEO of Korea Prepaid Card, an affiliated company, as suspects.

Following the search and seizure of Happy Money Inc.'s headquarters on September 4-5, the police also conducted search and seizure operations on September 11 at the headquarters office of Korea Prepaid Card, an affiliate of Happy Money Inc., located in Bundang-gu, Seongnam-si, Gyeonggi-do, as well as at the residence of its CEO.

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