Famous rock singer who turned trot is accused of fraud worth 500 million won.

A trot singer from a rock band has been accused of pension development fraud.

According to the Guri Police Station in Gyeonggi Province, a sales agency M filed a lawsuit against two people, including A, on charges of violating (fraud) the law on specific economic punishment law in June this year, The Fact said today (11th).

Company M is said to have lent 500 million won to real estate developer Company B, which is co-represented by A and others, around October 2021, but has not yet received it back.

According to the report, Company B promised to return the principal within 60 days and pay the proceeds through land collateral loans, saying it will purchase 38,000 square meters of land in Ongjin-gun, Incheon, and carry out a pension resort construction project.

During the police investigation, Company M reportedly stated, "We also confirmed that A and others used the investment for personal debt repayment," and added, "The contract for the planned site of the pension resort was also canceled because the balance was not fulfilled."

However, Company B explained, "We tried to purchase land by paying off the debt with the investment and executing the loan, but the value of the land collateral has fallen more than expected, so the loan is not being made as much as we expected." The purpose of the investment is also clearly stated to Company M.

A refuted the media by saying, "We received corporate investment to implement it as a joint business, not a fraud," adding, "The project is still in progress."


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