Police Conduct Two Consecutive Days of Search and Seizure at Happy Money Gangnam-gu Headquarters

The police conducted a seizure and search for two consecutive days at the issuer of Happy Money gift certificates, which were suspended due to delayed settlements by Tmon and Wemakeprice.

Victims of the delayed settlement incident involving TMON and WEMAKEPRICE (Timap) held a Black Umbrella rally in front of the Financial Supervisory Service in Yeongdeungpo-gu, Seoul, on the 25th of last month, urging the enactment of a special law for victim relief.
[Photo by Yonhap News]

On the 5th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that they were conducting a search at the headquarters of Happy Money INC located in Nonhyeon-dong, Gangnam-gu, Seoul, following the previous day.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency is in charge of cases related to Happy Money gift certificates among the complaints and accusations filed at police stations nationwide due to the unsettled payments by Tmon and Wemakeprice.

Buyers of Happy Money gift certificates purchased them at discounted prices from Tmon and Wemakeprice but, due to the delayed settlement situation, they have neither received refunds nor been able to use the certificates. They filed a complaint with the police accusing Ryu Seung-seon, CEO of Happy Money INC, of fraud.

Happy Money INC applied for rehabilitation proceedings and an Autonomous Restructuring Support (ARS) program at the Seoul Bankruptcy Court at the end of last month.