214 Million Dollar Crypto Fraud is under Investigation by South Korean Police

South Korean Tax Authorities Extend Deadline for Complying with New Laws

Several complaints raising allegations of crypto have been lodged before the South Korean Police by investors against V Global.

V Global is a relatively new crypto trading platform that is registered under South Korean laws. The trading platform is a local platform and conducts crypto trade services for South Korean crypto investors. The local police in South Korea conducted an investigation based on the complaints and found V Global’s involvement in crypto fraud. The police confirmed that there were more than 40,000 customers and investors of V Global. However, since the company was a crypto fraud, it has plundered approximately US$ 214 Million.

Now the South Korean Court has granted warrants of search, seizure, and arrest of the accused to the local police. With legal warrants in their hands, the police have recently raided the premises of V Global. As per the police information, it was reported that the police have searched at least 22 branches of the exchange.

In the first place, the identity of the crypto firm was not disclosed but the local media was certain that it was V Global. Later on, V Global’s involvement in the crypto fraud was confirmed when Hanguk Kyungjae covered the news and confirmed its authenticity.

It was revealed in the investigation that the main culprit of the crypto fraud is V Global’s CEO who goes by the name “Lee”. It was alleged that the CEO was persuading investors to provide funds as an investment in his firm. He had offered them that they will be able to purchase Bitcoins and Ethereum if they invest. However, the investors though invested but failed to retrieve any profits on their investments.

In the recent development of the investigation, an order of freezing the assets belonging to V Global has been passed by a Court. The Court has directed law enforcement agencies to ensure the freezing of assets worth approximately US$ 214 Million. In case the Court is convinced that fraud has been committed, then frozen assets will be liquidated to make up the loss.

The police were of the view that such crypto frauds are increasing in the country rapidly. Police said that investors are easily victimized because they are being offered high yields, which they cannot ignore. The police stated that V Globa’s CEO has defrauded almost 40,000 people who were customers of the crypto fraud company.

It was further apprised by the police that V Global has not even obtained the required license from the Fair Trade Commission. Companies like V Global, which are in the business of promoting certain products, are required to obtain licenses before initiating their promotion campaigns. As of now, the CEO is at large and the South Korean Police are raiding for his arrest.