"I'll Get You Into a Department Store"... Franchise CEO Referred to Prosecution on Fraud Charges
The CEO of a franchise, who concealed business failures and siphoned off key money from franchisees, has been handed over to the prosecution while in detention.
The Mapo Police Station in Seoul announced on the 11th that last month, it referred Kim, the CEO of franchise company A, to the prosecution after arrest on charges including fraud and embezzlement in the course of business.
Kim is accused of defrauding 2.7 billion won from 44 franchisees and others by promising to secure store locations for them in department stores under the pretense of key money, and of embezzling 1.2 billion won in settlement payments.
The police, who consolidated 44 related complaints into a single investigation, obtained contracts and settlement payment records from six department stores, and substantiated Kim's charges by analyzing the payment structure of settlement funds within the food service corporation.
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