Scammers Under Investigation For Using BTS For Fraudery Of 3 Billion Won
A man, capitalizing on BTS‘s popularity, is under police investigation for running a scam operation estimated at ￦3,000,000,000 KRW ($2,532,457 USD).
The Jeju Dongbu Police Station received reports that a 57 year-old man has been defrauding people by asking for investment in BTS photoshoots. He set up a paper company in Jeju Island in March 2018, and partnered with four others to run the operation.
BTS are undisputed kings of K-Pop and the name proved to lend credibility to the scam, with 20 people having invested upwards of ￦200,000,000 KRW ($168,830 USD) each.
Promising annual returns of 20% on the investment, the scammer showed professionally produced sample photos to gain people’s trust. The initial investors got their money back, but it is reported to be funding received from people who were duped later, a la “rob Peter to pay Paul.” All suspects are now under police investigation.