Two Executives of Lime Scandal Affiliate Involved in 50 Billion Won Fraud Arrested for "Flight Risk"

Fraudulent Acquisition of Casino with 30 Billion KRW Investment
Fraudulent Acquisition of Paju-based Company with 21 Billion KRW

Two former executives of an affiliated company were arrested for submitting false documents to Lime Asset Management (Lime), which caused a redemption suspension crisis worth 1.6 trillion won, and embezzling hundreds of billions of won.

On the 2nd, Judge Jeong Won of the Seoul Southern District Court Criminal Division 1 issued arrest warrants for two individuals, including A, a former executive of the real estate developer Metropolitan, on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), citing "risk of flight."

According to the prosecution, they are suspected of participating in crimes related to Lime fund money with Lee Jong-pil, former vice president of Lime and the 'mastermind' of the Lime incident, and Kim Young-hong, former chairman of Metropolitan.

While serving as executives of Metropolitan, they are also accused of conspiring with former Vice President Lee and former Chairman Kim to submit false documents to Lime in December 2018 under the pretext of acquiring a resort casino in the Philippines, thereby fraudulently obtaining 30 billion won in investment. Additionally, they are charged with submitting false documents to Lime in April 2019 under the pretext of acquiring a company located in Paju, embezzling 21 billion won in investment.

Former Vice President Lee, who was previously indicted, was sentenced to 20 years in prison and fined 4.8 billion won in 2022 and is currently serving his sentence. Former Chairman Kim fled overseas after the Lime incident broke out and is currently subject to an Interpol red notice.

The prosecution is continuing related investigations, recently cooperating with the police and the Ministry of Justice to arrest Lee In-kwang, chairman of Esmo and one of the main perpetrators of the Lime incident, in France and is working on repatriating him to South Korea.