Three Executives of Franchise "Hanyang Hwaro" Arrested
As the CEO and vice president of the franchise "Hanyang Hwaro," which used a famous celebrity as its advertising model, have been arrested on charges of embezzling 200 billion won in investment funds, a large poster presumed to have been put up by a victim was revealed in front of one of the branches, drawing public attention.
A large poster presumed to be written by victims was hung in front of a branch of the franchise restaurant "Hanyang Hwaro," whose CEO and vice president were arrested on charges of embezzling 200 billion won in investment funds. Online community
On September 10, a poster attached to the front of a Hanyang Hwaro branch was shared across online communities. The message criticized the CEO and others of Hanyang Hwaro, who are accused of luring investors with false information in 2022 and then failing to return their investment funds.
The author described the Hanyang Hwaro CEO as "a first-class cryptocurrency scammer. He recruited elderly people, promising a 300% margin, deceived them like they were his own parents, and lined his own pockets. He lured seniors with promises of huge returns and scammed them."
The poster continued, "Don’t you have parents or siblings? Did you learn to live your life by cheating others?" and added, "You promised 300% returns within a few months, lured grandmothers and grandfathers, and scammed them. Are you still out there cheating people?"
The author also declared, "I am reporting you to the public," and criticized, "These two first-class scammers, hiding behind a human mask, committed all sorts of fraud to recruit investors and enrich themselves. They are worse than garbage."
The writer further vented, "Countless people have developed depression and are on the brink of death because of you. People are dying," and added, "You lured innocent seniors into investing, and now you can't even be reached."
Previously, on September 1, the Gangnam Police Station in Seoul arrested the CEO, vice president, and another executive of Hanyang Hwaro on fraud charges.
They reportedly recruited investors by claiming that importing top-quality beef from Canada at low prices and distributing it domestically would generate profits. They promised to pay 10% of the investment amount every month and return the principal after 10 months. However, the company only paid the agreed amount for the first one or two months after the investment, and then neither the promised 10% returns nor the principal were returned. There are about 350 victims, and the total damage is estimated to be around 200 billion won.
Hanyang Hwaro, which began its franchise business in 2022, expanded rapidly by promoting premium-grade beef at affordable prices. In 2023, the company reportedly spent 18 billion won solely on advertising by hiring actor Ma Dongseok as its advertising model.
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