17 Criminal Records Revealed in Last Presidential Election
Claimed "200-Fold Profit If Coin Is Listed"
Jinho Song, who ran in the 21st presidential election. Photo by Central Election Commission and TJB News YouTube capture
Jin-Ho Song, who ran as an independent candidate in the 21st presidential election and was previously revealed to have 17 criminal records, has been arrested on fraud charges.
According to the police on August 21, the Seoul Central District Court issued an arrest warrant for Song the previous day, stating that "there is a risk of flight and evidence destruction."
Song is accused of defrauding investors out of several hundred million won by claiming, since 2020, that he would build a so-called "Miracle City" in Cambodia. According to Song, Miracle City was envisioned as a kind of smart city that would combine an industrial complex and a multi-purpose theme park, with the commercialization of cryptocurrency within it.
The police have found evidence that Song deceived investors by claiming they could earn 200 times their investment if "Miracle Coin" was listed. However, despite coins worth several billion won having been sold, the coin has not been listed even after five years.
Additionally, Song is accused of making illicit profits by selling business rights for an ATM business that would allow the coins to be converted into cash, designing the system so that coins could only be converted at about 20% of their market value.
Jin-Ho Song was at the center of controversy during the June 3 presidential election when his 17 criminal records were made public. According to the National Election Commission's candidate information disclosure, Song was indicted 17 times on charges including fraud, violence, assault, property damage, violation of the Labor Standards Act, and the Dishonored Bills Act. It was also confirmed that he had been sentenced to imprisonment on eight occasions.
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