Police Seek Arrest Warrant for Cha Gawon Over Suspected 30 Billion Won Fraud

[Financial News] Police have sought an arrest warrant for Cha Gawon, chairman of PIAK Group and CEO of ONE HUNDRED, who is under suspicion of fraud involving tens of billions of won.
According to police and others on the 15th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency recently requested an arrest warrant for Cha from the Seoul Central District Prosecutors' Office on charges including fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
Cha is accused of proposing businesses that used the intellectual property rights of entertainers affiliated with ONE HUNDRED, signing contracts with related companies, receiving large advance payments, and then failing to properly carry out the projects.
Among them, Nomus Co., Ltd. filed a complaint against Cha, saying it signed a contract with his side for projects involving an entertainment fan communication platform, merchandise, and concerts, and paid 24.2 billion won in advance, but the contract was not carried out.
Police have been investigating by combining three complaints filed against Cha. The alleged damage claimed by the complainants is reportedly in the 30 billion won range. Separately, Cha is also said to face fraud allegations related to a jeonse contract worth more than 5 billion won.
Police are investigating whether Cha signed the contracts without properly disclosing existing contractual relationships with other companies.
In April, police searched the offices of ONE HUNDRED and other locations and secured related materials. They then summoned Cha for questioning as a suspect on June 6 and 7. He reportedly denied all charges during the investigation.
425_sama@fnnews.com Choi Seung-han Reporter