The former chairman of Bithumb Korea has been charged over to prosecutors, 7 months after being cited for questioning by police on charges of fraud.
In line with an official report, the Intelligent Crime Investigation Unit of the Seoul Metropolitan Police Agency has handed Lee Jung-hoon to the Supreme Prosecutors Office of the Republic of Korea.
Lee stands accused of defrauding investors under the country’s Act On The Aggravated Punishment, Etc. of Specific Economic Crimes.
The handling over by police to prosecutors may mean the investigation is starting to intensify. Unlike the United States, the office has the facility to conduct searches and seizures, call people certain questioning, and mobilize the police.
Earlier in September last year, South Korean officials raided Bithumb’ headquarters within the Gangnam District in Seoul linked to a $25 Mln token sale and proposed acquisition by Singapore platform BTHMB.
Authorities have decided to not pursue other charges against Lee concerning escaping abroad and therefore the Foreign Investment Promotion Act, consistent with the report.