The 4th Criminal Division of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Nam Su-yeon) announced on the 13th that Mr. A has been arrested and indicted on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission for allegedly committing a fraud worth over 1 billion won against more than 170 deaf individuals.
According to the prosecution, from February to May 2020, Mr. A created a "Ponzi scheme" and defrauded 172 deaf people of 1,008,850,000 won.
Mr. A, who is also deaf, approached the victims by exploiting this fact, formed the scheme, and deceived them by promising that they could receive two to three times their subscription money as the payout.
A prosecution official stated, "We will continue to strictly respond to crimes that harm the socially vulnerable and infringe on people's livelihoods."
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