"500% of earnings if it's listed"...20.8 billion won in unlisted stock fraud

The Cyber Investigation Division of the Seoul Metropolitan Police Agency arrested 103 people, including managers and members of unauthorized financial investment companies, and arrested 11 of them, including A, a man in his 30s, on charges of taking tens of billions of investments by deceiving unlisted stocks to be listed soon.

They are accused of stealing 20.8 billion won from 580 people by deceiving them that they could make 300-500% of profits if unlisted stocks are listed after creating a ghost corporation that was not approved for financial investment business between July 2020 and October last year.

They were found to have deceived victims who recruited non-face-to-face on social media as if they were related to famous conglomerates and others by buying unlisted stocks at a bargain price through brokers.

In addition, the crime of organizing criminal organizations was also applied as it was found that the Incheon headquarters, which was directly managed by the chief A, had managers in 11 branches in each region, including Gangnam, Songpa, Uijeongbu, and Hanam.

The police explained that they are securing additional victim statements, believing that they received about 141 billion won from 6,700 people in 28 months.