“Monthly Dividend 8% Guaranteed” ... Police Begin Investigation into Company Defrauding Investors of 100 Billion Won

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] A Busan-based investment firm deceived investors by promising an 8% monthly dividend on investments in auctioned properties and embezzled billions of won, prompting a police investigation.

On the 9th, the Busan Yeonje Police Station announced that they are investigating 10 individuals, including a man in his 50s identified as A, on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Act on the Regulation of Conducting Fund-Raising Business Without Permission.

They are accused of deceiving over 80 people from July 2020 to last May by promising an 8% monthly dividend for investing in the business of buying and selling auctioned properties, collecting 100.4 billion won in total.

According to the police, the group divided roles such as recruiting investors and explaining the business to carry out the crime, and only paid dividends to those who invested early in the business.

A police official stated, “An arrest warrant was requested for Mr. A on the 8th, and since the investigation is ongoing, we cannot disclose detailed information.”