Prosecutors Indict CEOs of Ado International Affiliates in 440 Billion KRW 'Fraudulent Investment Scheme' Case

Executives of affiliated companies of Ado International, a fraudulent investment solicitation company that illegally raised funds amounting to 440 billion KRW, have been brought to trial.

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Criminal Division 4 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Yuseon) announced on the 18th that three representatives of Ado International's affiliates, including Park, have been arrested and indicted on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission.

They are accused of conspiring with Lee, the previously indicted representative of Ado International, to embezzle approximately 24.7 billion KRW in investment funds over about 6,000 instances and participating in fraudulent investment solicitation crimes worth approximately 446.7 billion KRW over about 140,000 instances.

Another two affiliate company representatives, Lim and Lee, who received criminal proceeds of 500 million KRW and 100 million KRW respectively from Lee, were indicted without detention on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes related to concealment of criminal proceeds.

Earlier, in September of last year, the prosecution arrested and indicted Lee, the representative of Ado International, and has been continuing the investigation into the fraudulent investment solicitation crimes. So far, a total of 13 people have been brought to trial.

The prosecution stated, "We will continue to work closely with the police investigating the overall damage caused by Ado International to uncover the full extent of the crimes and handle the case strictly."