Former Police Official Arrested for Market Manipulation and Illicit Gains in Quantapia Case

A former police official and investor of the renewable energy company 'Quantapia,' accused of manipulating stock prices while promoting the quantum image sensor business, has been arrested.

On the 14th, Judge Jeong Won, who is in charge of warrant issuance at the Seoul Southern District Court, issued arrest warrants for former Seoul Metropolitan Police Agency investigation team leader Kim and Quantapia official Moon, who are suspected of violating the Capital Markets Act, stating there is a "risk of flight."

They are accused of promoting the quantum image sensor business to inflate Quantapia's stock price.

According to legal circles, three suspects, including Kim and Moon, were subject to the pre-arrest detention hearing (warrant review) held at 2 p.m. that day, but one other suspect was reportedly absent.

They are suspected of manipulating the market by leaking merger and acquisition (M&A) advance information and other methods. In fact, last year, Quantapia's stock price rose from around 700 won per share to 4,700 won. Additionally, Quantapia posted a public notice about raising 100 billion won through convertible bonds (CB), but the actual investment did not take place.

Earlier, the Seoul Southern District Prosecutors' Office conducted a raid on Quantapia's headquarters and related parties in August.