The police are accelerating the investigation into V Global, a domestic cryptocurrency exchange that conducted investment fraud through multi-level sales.
The Gyeonggi Nambu Police Agency’s Violent Crime Investigation Unit announced on the 31st that the number of victims of V-Global-related investment fraud in Gangnam-gu, Seoul has increased rapidly, and the scope of investigation has been expanded nationwide.
The number of victims confirmed by the police so far is 69,000, and the amount of damage is estimated at 3.85 trillion won.
The number of suspects identified by the police is about 60, including A (31), the representative of the company.
From August 2020 until recently, they are being accused of seducing victims by triple their assets, etc. and receiving investment funds (violation of the Act on the Regulation of Similar Receiving Behavior, fraud, etc.).
If you look at the method of the crime, they pretended to be a virtual currency exchange, but actually operated multi-level business. If you invest, 3 times the investment is paid as a dividend after 6 months, and when new members are recruited, an allowance is given.
On the 4th, the police conducted a search and seizure of 22 places, including the headquarters of V Global, CEO A (31), and the residences of employees.
Prior to this, in mid-April, the police applied for confiscation compensation (limiting the disposition of money during the investigation stage) for the 240 billion won remaining in the exchange account before indictment, and received a citation from the court.
A police official said, “Since such a criminal organization is a pyramid-type structure, the number of victims as well as the suspects is expected to increase. is accelerating,” he said.
