'4.3 Billion Won Investment Fraud' Venture Capital CEO Repatriated to Korea After 20 Years Fleeing in China (Comprehensive)

Local Police Attach? and Chinese Public Security Closely Cooperate

[Asia Economy Reporter Lee Gwan-joo] It has been confirmed that the CEO of an investment firm who embezzled 430 billion KRW from hundreds of people under the pretext of venture capital investment was repatriated to South Korea after fleeing abroad for 20 years.

According to the National Police Agency on the 5th, the police, in cooperation with the Beijing Public Security Bureau, arrested Kim Mo (52) in Harbin, China, and repatriated him to South Korea on May 20. Kim is suspected of raising over 430 billion KRW from hundreds of people under the pretext of venture capital investment while serving as the CEO of Ace Venture Capital Co., Ltd. from May to December 2001. It is known that Kim fled to China at the end of the same year, got married, and lived there.

The police attach?s in Shenyang and Beijing collected information about Kim’s whereabouts from the Korean community in Shenyang and, after continuous consultations with Chinese public security, arrested Kim. A police official explained, "At first, Kim was arrested on charges of fraud against the Korean community, but upon investigation, it was confirmed that he was a wanted person for a case from 20 years ago."

Kim graduated from Seoul National University’s College of Engineering and was hired as an employee. Recognized for his work ability, he was given the title of CEO when negotiating acquisitions of other companies. Ace Venture Capital was established in January 2000 with a capital of 14 billion KRW during the height of the venture boom and was registered as a small and medium enterprise startup investment company in February of the same year. Although some job portal sites still have introductions about the company, its homepage and other sites are currently inaccessible.

A police official said, "Kim was a so-called ‘figurehead CEO,’ and his accomplices were already arrested and detained long ago," adding, "After repatriation, he was investigated at a police station in Seoul, and due to other fraud cases, his custody has been transferred to a police station in Incheon."