BTS Photo Shoot Scam Causes 11 Billion KRW Loss to Over 70 Jeju Residents

Jeju Dongbu Police Detain Man in His 50s on Fraud Charges for Investigation

[Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won] A man in his 50s who defrauded Jeju residents of 11 billion KRW by promising guaranteed returns on investments in a BTS (Bangtan Sonyeondan) photo book production, which is causing a Korean Wave craze worldwide, has been arrested.

Jeju Eastern Police Station announced on the 21st that they have arrested and are investigating Mr. Go (57) on charges of fraud.

Mr. Go deceived investors by claiming that the BTS photo book production would guarantee not only the principal but also an annual return of 20%, receiving 11 billion KRW in investments. He reportedly used most of the money to pay off personal debts (1 billion KRW), entertainment expenses, living costs, and commissions for middle recruiters.

So far, about 70 people, mostly Jeju residents, have been deceived into investing by Mr. Go's lies.

The police have also booked four middle recruiters without detention on charges of fraud and similar receipt activities and are investigating them. These middle recruiters are known to have solicited investments from acquaintances, family members, and coworkers.

A police official stated, "If someone encourages investment by promising high returns, you should be suspicious and thoroughly verify whether the investment destination is reliable."

Meanwhile, the police obtained an arrest warrant on the 17th and arrested Mr. Go around 11:40 PM at a hotel in Seoul. He was detained at the Jeju Eastern Police Station's detention center on the 18th.

The court held a warrant review on the 19th and issued an arrest warrant for Mr. Go on charges of fraud. He is currently under investigation for fraud and violations of similar receipt activities. The police plan to transfer Mr. Go to the prosecution within this week.