Monday, November 29

5 Ash7 executives arrested for ‘1 trillion won investment fraud’

Five executives of ‘Ash Seven’, a cosmetics company that collected an investment of 1.2 trillion won through fraudulent activities, were arrested last night (18th).

As a result, all nine general managers in ‘Ash Seven’ were all arrested and subjected to investigation or trial.

The Seoul Eastern District Court issued an arrest warrant for five people, including Lee Mo, a man in his 60s, who are accused of fraud, similar reception, and violation of the Door-to-Door Sales Act, saying, “There is a risk of fleeing and destroying evidence.”

They are accused of receiving money from 7,300 people until last August through the so-called ‘five-month marketing’, which pays interest every month and returns the principal.

Police investigations revealed a situation in which they stole up to tens of billions of won since August last year while using a typical ‘Ponzi scam’ method to prevent the return of the invested money.

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