Commemorating a 'Picasso Exhibition'? The Mastermind Behind a 100 Billion Won Fraud Scheme

[Anchor]

It has been revealed that the head of an investment group, who lured people into investing in unlisted coins by operating fake Picasso art exhibitions and oriental medicine clinics, is the same individual who was sentenced to prison three years ago for a massive fraud scheme worth 100 billion won. It appears that even while out on bail, he established a corporation in Daegu and continued to carry out even more sophisticated fraudulent activities.

TBC reporter Nam Hyo-ju reports.

[Reporter]

This is a hotel in Daegu last December.

A guest singer is performing for a room packed with elderly attendees.

Trot music plays, which seems out of place for a Picasso exhibition, and a banner reads, "Celebrating the Confirmation of the World-Famous Masterpiece Exhibition."

[Guest Singer: It is an honor for my family to be invited to this wonderful convention event hosted by the world-class model company and social enterprise, 'Barak Sharing Group.']

'Barak Sharing Group' is the very name that appeared at the fake Picasso exhibition, the oriental medicine clinic crowded with elderly people, and a nearby cafe.

What kind of organization is it?

On its website, the group promotes itself as a leader in "decentralized pay" and "blockchain" technology.

The founder is a man named Kang. Surprisingly, Kang's name can be found in court documents.

[KNN News, September 5, 2023: A group that swindled over 100 billion won by promising triple returns on virtual asset investments has been apprehended by the police. There are over 6,000 victims nationwide.]

This refers to the "Ready Go Investment Club" case that made headlines in various media outlets in 2023.

The court ruling at the time stated that Kang, the founder of Barak Sharing Group, acted as the Daegu center manager for the 110 billion won coin fraud scheme, attracting investors and pocketing billions of won in profits.

Although Kang, a key perpetrator of the case, was sentenced to a heavy prison term of 6 years, he was released on bail in less than 5 months for reasons unknown.

As the reporting team tracked Kang's subsequent movements, it is presumed that he established the Rainbow Village Cooperative based in Daegu and continued his fraudulent activities by repeatedly changing company names.

[Victim A: He kept changing his name and the company name, committing the same crimes over and over again. He held weekly business presentations targeting the elderly to collect investment funds. He promised to pay 200% to 300% of the principal investment as a commission.]

According to an internal source at the Barak Sharing Foundation, Kang reportedly passed away from a sudden heart attack this past May.

This is why the situation feels eerily similar to the "Cho Hee-pal case" that shook the nation in 2004.

While these upgraded fraud schemes, now involving fake art, run rampant, there were no safeguards in place to protect the victims.

(Video by Park Jong-young, TBC | Graphics by Kim Se-yoon, TBC)

Reported by Nam Hyo-ju, TBC
※ Please note: This article was translated by AI and may contain errors.