South Korean police arrest QRC Bank CEO for “cryptocurrency investment fraud”

According to Yonhap News Agency on September 11, South Korean police applied for arrest warrants for three people, including the CEO of QRC Bank, on charges of fraud and violations.

They are accused of raising funds from investors under the guise of multiple businesses, such as high-dividend investing or cryptocurrency trading.

The victim told the police that QRC Bank promised to build a digital bank based on fintech, supporting payments, savings, remittances and currency exchange, and recommended investments. The bank said: "If you invest in virtual currency, you can earn 300% of the principal."

However, the profits promised to investors were only realized in the first few months and were subsequently cut off. The number of victims is estimated to be more than 5,000, and the amount of losses is more than 200 billion won.