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With the trick of needing money to trade foreign exchange in the international market, the Porker business, the Korean director and his accomplices offered sky-high interest rates to defraud 156 victims, appropriating more than 76 billion VND.
On May 23, the People's Court of Ho Chi Minh City opened the first instance trial of defendant Kim Bumjae (55 years old, Korean nationality) and 7 accomplices for the crime of "fraudulent appropriation of property".
The trial is scheduled to last until May 29, with Judge Nguyen Huynh Mai Tam presiding.
According to the prosecution, in early 2015, Kim Bumjae was introduced by a compatriot named Kim Sung Hoon as the General Director of IDS Holdings, a Korean company with branches in many countries, and asked Kim Bumjae to be the company's representative in Vietnam to call for investment and mobilize finance.
Defendants in court
According to the agreement, Kim Bumjae received 4% of the total amount raised, the remaining amount was transferred to Korea to invest in forex trading.
From April 2015 to October 2018, Kim Bumjae established 10 companies, of which he used 4 companies to conduct illegal fundraising. To assist in his fraud, Kim Bumjae recruited 7 more Vietnamese employees, who were his right-hand men.
During the fundraising process, Kim Bumjae and his subordinates provided false information such as: these were subsidiaries of multinational corporations with branches in Korea, Vietnam, Hong Kong, Singapore... with large charter capital and high interest rates.
The purpose of raising money is to trade foreign exchange in the international market, to trade in Poker, but in reality, these companies do not transfer money to Korea for investment, do not conduct business activities such as advertising, but use the money raised by later investors to pay interest, commissions to previous participants, company operating costs, maintain the system and appropriate and use for personal use.
At the same time, these people also offered high interest rate policies, committed to paying full interest every month... to make investors believe it was real and invest in Kim Bumjae's companies.
The total amount of money that Kim Bumjae and his accomplices appropriated from 156 victims was more than 76 billion VND.
According to Vietnamnet
