"Asked to Borrow Living Expenses, Then Cut Off Contact"...Lee Cheonsu Sued for Multi-Billion Won Fraud

Borrowed About 130 Million Won and Allegedly Failed to Repay
Accused of Soliciting 500 Million Won Investment in Forex Futures Site
Lee Cheonsu's Side: "No Intent to Deceive... Not Fraud"

Lee Cheonsu, a key figure in the "Final Four Miracle" of the 2002 Korea-Japan World Cup and currently a YouTuber with 780,000 subscribers, has been sued by the police on suspicion of fraud involving hundreds of millions of won.

According to NoCut News on November 4, the Jeju Provincial Police Agency has booked Lee Cheonsu on suspicion of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud). The complaint, which was initially filed with the Seogwipo Police Station in Jeju last month, was transferred to the provincial police agency, and the police completed their investigation of the complainant on October 25.

"Lee Cheonsu Borrowed Living Expenses But Did Not Repay the Loan Despite Earning Income"

Lee Cheonsu, former national football player. YouTube channel 'Richunsu'

The complainant, referred to as Mr. A, is a longtime acquaintance of Lee Cheonsu. They reportedly had a close relationship but fell out over financial issues. According to the complaint, in November 2018, Lee Cheonsu asked Mr. A to lend him money for living expenses, saying he had no income, and promised to repay the full amount by the end of 2023. Mr. A claims to have transferred a total of 132 million won in nine installments by April 2021. However, Lee Cheonsu allegedly cut off contact from the fall of 2021 and did not repay any of the money by the promised deadline. Mr. A claims that Lee Cheonsu has not repaid the loan despite earning income from running his YouTube channel and a football academy in Jeju.

"Claim of 500 Million Won Loss from Foreign Exchange Investment Solicitation"

Mr. A has also raised another allegation. Around April 2021, Lee Cheonsu allegedly encouraged Mr. A to invest 500 million won, saying, "My close friend Mr. B operates a foreign exchange futures trading site with high returns." Mr. A claims to have transferred a total of 500 million won to Mr. B but did not recover the full amount. Mr. B reportedly paid returns for about one to two months but then stopped, and when Mr. A requested repayment, only a portion (160 million won) was returned. Mr. A obtained a written confession from Mr. B stating he had promised to repay the loan but failed to do so, and attached this confession and the account transfer records to the complaint.

Lee Cheonsu's Side Refutes: "Received Money, But It Was Not Fraud"

In response, Lee Cheonsu's side told NoCut News, "It is true that I received the money," but claimed, "At that time, Mr. A was making a lot of money, so it was money he just gave me to use." They emphasized, "For a fraud charge to be established, there must be an intent to deceive. There was no such intent, so the allegation of fraud is not true." Regarding the foreign exchange futures trading investment solicitation, they stated, "That claim is completely groundless."