A shopping mall CEO, who had been released on bail while standing trial for fraud, has been indicted and detained again after committing another large-scale fraud worth tens of billions of won.
On April 24, the Criminal Division 4 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Nam Suyeon) announced that CEO A and Chief Director B of the shopping mall had been indicted and detained on charges including fraud and violations of the Act on Regulation of Conducting Fund-Raising Business without Permission. Other individuals involved in the crime, including the nationwide distributor CEO, the executive director, and the chairman of the shopping mall, have been indicted without detention.
From July 2016 to December 2018, they are accused of defrauding approximately 16.54 billion won from 1,654 victims under the pretext of shopping mall promotions. They received investment funds and gave investors their own cryptocurrency, claiming that its value would increase fiftyfold. However, it was later revealed that the cryptocurrency had no real value.
It is reported that after being released on bail during the first trial for shopping mall fraud in November 2016, A committed the new offenses in December 2018. In February 2019, A was sentenced to six years in prison and was taken into custody in court.
A prosecution official stated, "We will thoroughly monitor the possibility of further offenses by the defendants and do our utmost to prevent organized fraud targeting ordinary citizens and investors."
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