Police investigate hundreds of billions of 'Ponzi fraud' Gangnam financial firm

The Gangnam Police Station in Seoul recently filed a complaint saying that a financial company in Gangnam stole hundreds of billions of won from more than a hundred investors, claiming that it guaranteed high profits.

Financial company A was found to have committed the so-called "Ponzi fraud" of luring victims by saying it guarantees an annual rate of up to 25%, and paying existing investors the investment paid by new investors in the absence of profits.

The police have booked the representatives and executives of Company A to investigate the details of the incident and the extent of the damage.