"David Yong, Who Boasted '12 Billion Won in Cash, No Big Deal,' Indicted on Fraud Charges"

Singapore Media Report, Account Forgery Allegations

David Yong (real name Yong Kunglin) has been indicted on fraud charges. David Yong is widely known in South Korea for appearing in the Netflix original series 'Super Rich Foreigners' and Channel A's 'Oh Eun-young's Golden Counseling Center.'

On the 4th (local time), Singapore media outlet Business Times reported that "David Yong has been charged on the 3rd in connection with promissory note transactions related to Evergreen Group Holdings, which he operates," stating that he is accused of account forgery.

[Photo by KBS Joy from the broadcast screen of 'Ask Anything']

According to the media, David Yong is also accused of instructing Evergreen Asset Management to forge tax invoices under the pretext of selling household goods and home appliances in bulk. If found guilty, he could face a fine or up to 10 years in prison under Article 477A of the Penal Code.

It was also reported that David Yong's company was placed on the Monetary Authority of Singapore's investor alert list in January last year. Singapore authorities stated that the company was listed to warn that it did not have the qualifications or licenses required to provide financial services.

[Photo by KBS Joy from the broadcast screen of 'Ask Anything']

Singapore police stated in a press release on the 3rd (local time) that not only David Yong but also Evergreen Group Holdings are under investigation for fraud charges. The police explained, "Several companies under Evergreen Group Holdings were raising funds by issuing promissory notes promising an annual interest rate of 10%, and suspicions arose that investors' funds were misused, prompting the investigation." They added, "These promissory notes may have been issued in violation of the Securities and Futures Act."

Regarding this, a representative who helped with David Yong's promotion in Korea told Hankyung.com, "We also lost contact with (David Yong) for a while," and "We found out about this incident through local news articles." They also said, "We are also victims."

[Photo by Evergreen Group Holdings Korea]

Born in 1987, David Yong graduated from the University of Bristol in the UK and worked as a lawyer before founding Evergreen Group Holdings. He became publicly known after appearing on the KBS joy variety show 'Ask Me Anything' aired in August last year. At that time, he revealed that he held about 120 billion KRW in cash assets, earning him the title of 'Singapore Tycoon.'

Additionally, Evergreen Group Holdings showed deep interest in the Korean entertainment industry by signing a business agreement for investment and fundraising with 50/50 agency Attract in August last year.