"Do You Know Who My Dad Is?"… Former Lawmaker Tae Yong-ho's Eldest Son Indicted for 1.4 Billion Won Fraud

The eldest son of former People Power Party lawmaker Tae Yong-ho has been indicted while in custody on charges of swindling 1.4 billion won through cryptocurrency investment fraud.

According to legal circles on Wednesday (June 24), the Seoul Central District Prosecutors' Office Criminal Division 8 (Chief Prosecutor Kim Ju-hyun) indicted Mr. Tae last month on charges including fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.

Mr. Tae is accused of deceiving acquaintances by promising to invest in cryptocurrency on their behalf to generate profits, thereby pocketing approximately 1.4 billion won.

Investigations revealed that he leveraged his status as the son of the former lawmaker to solicit investment funds, but did not actually invest the money in cryptocurrency, instead misappropriating it.

The police, who previously investigated the case, referred Mr. Tae to the prosecution while he was in custody on May 13.

It is reported that Mr. Tae admitted to the charges during the investigation.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.