- The investor also asserted they would unveil the truth about this case of theft and customer disinformation. They also indicated an intention to file a criminal complaint.
- The media outlet also mentioned that the P2P firm has not replied to requests for fact-checking or rebuttals.
- The investors said they primarily formed the opinion that the project was worthwhile.
The chief executive officer of a major South Korean P2P financial lender has been condemned for exploiting client’s funds to make personal crypto acquisitions.
NBN Media, a local media outlet from South Korea reported that an unidentified investor and private equity fund operator supported the construction project of the chief executive officer. However, the investor allegedly never witnessed any interest payments, with the CEO rather than stealing the profits to pay for private crypto buys.
Personal crypto investment of the CEO
The investor reveals they have filed a civil legal suit against the CEO. The same investor accused that they had primarily handed money to the CEO in 2018, after witnessing a posting on the latter’s P2P investment platform.
The posting endorsed an opportunity to put money into a low-rise, various-unit residential project in Incheon, one of the posh cities in South Korea. The investors said they primarily formed the opinion that the project was worthwhile.
Also, they accuse that problems arose later. This reportedly became clear after the chief executive officer asked the investor to put money into a further 100 million won in the project. The investor correctly did so.
But, after that, they found that the funds they had shifted were not used to make the building. Rather than this, they were used for the personal crypto investments of the CEO, as per the outlet.
The news outlet also mentioned that the CEO has rebounded the initial stake and some of the interest. However, the investor has indicated their intent to draw the CEO to justice. The investor was cited as saying.
For a well-known domestic P2P site, guarantees made to customers should be the top priority of the firm. But the CEO has not kept these promises. The issue is moral, despite whether the stake is repaid. They haven’t yet provided a precise explanation of what happened to my funds.
The significant act of betrayal
The investor also mentioned that the case was a significant act of betrayal. That media outlet also mentioned that the P2P firm has not replied to requests for fact-checking or rebuttals. It alleged that its reporters dropped in the company’s office in Gangnam, Seoul, and left written inquiries.
However, the company has not mentioned anything about the matter. The investor also asserted they would unveil the truth about this case of theft and customer disinformation. They also indicated an intention to file a criminal complaint.
At the beginning of this week, media channels reported that the Seoul Southern District Prosecutors’ Office-operated Joint Investigation Unit for Virtual Asset Crimes will properly launch in February or in March at the earliest.
