▲ Seoul Yeongdeungpo Police Station
Police are investigating a quasi-investment advisory firm on allegations of extorting billions of won by exaggerating investment returns and luring victims into high-risk cryptocurrency futures trading.
The Seoul Yeongdeungpo Police Station announced today (August 13) that it raided Company A, a quasi-investment advisory firm located in Yeouido, last month on charges including fraud, violations of the Capital Markets Act, and violations of the Act on Reporting and Using Specified Financial Transaction Information.
The head and the general manager of Company A, among others, face charges of deceiving investors by promising false or exaggerated returns and swindling billions of won.
They recommended high-risk cryptocurrency futures trading to investors, and after the investors suffered losses, induced them to make additional deposits under the pretext of recovering those losses.
In addition, while quasi-investment advisory businesses are legally restricted to providing investment advice to the unspecified general public through publications or broadcasts, they reportedly conducted individual consultations with investors.
Police are also looking into whether the suspects pocketed commissions while inducing victims to trade through unregistered overseas virtual asset exchanges.
Police are investigating the specific circumstances of the case, including determining the exact scale of the damage and the number of victims.
(Photo: Yonhap News)
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