Korean director defrauded 123 Vietnamese people of tens of billions of dong
Using a multi-level marketing scheme, a Korean man set up many companies to appropriate more than 65 billion VND from 123 Vietnamese people.
The Ho Chi Minh City Police Department has just completed the investigation conclusion and transferred the case file to the People's Procuracy at the same level to propose prosecuting the accused Kim Bumjae (born 1968, Korean nationality) for the crime of"Fraudulent appropriation of property".
Kim Bumjae is the director and legal representative of Raon Vietnam Co., Ltd. and Khanh Asset Co., Ltd.
Also prosecuted for this crime are Nguyen Thi Huong (born 1993, assistant of Kim Bumjae) and 5 others.
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| Defendant Kim Bumjae. |
According to the investigation, Kim Bumjae previously met and transacted with Kim Sung Hun, General Director of IDS Holdings Company, Korea.
Kim Sung Hun introduced the company with branches all over the world and asked Kim Bumjae to be the representative in Vietnam. Kim Bumjae's task was to call for financial investment.
The money raised was transferred by Kim Bumjaae to Korea for foreign exchange trading (ie Forex). Kim Sung Hun allowed Kim Bumjae to keep 4% of the total amount raised for branch operating expenses, interest payments, and commissions.
Accordingly, from April 2015 to October 2018, Kim Bumjae established a series of companies, acting as director and legal representative to illegally mobilize capital in the form of multi-level marketing. Kim Bumjae also organized Forex financial investment classes, Poker Club business, karaoke, coffee shops, real estate office rentals... to create trust and attract victims to participate.
In fact, Kim Bumjae took money from later participants to pay interest to earlier participants.
From March 2019 to June 2020, 126 people filed complaints against Kim Bumjae for fraud with the Ho Chi Minh City Police Department.
So far, the police have clarified that 123 people have been robbed of a total of 65 billion VND. Among them, many people have received interest payments from Kim Bumjae.
In this case, there are 6 other accomplices, including Nguyen Thi Huong, who are also proposed to be prosecuted for fraud. They are mainly hired workers, paid by Kim Bumjae.
Huong was Kim Bumjae’s assistant. Huong knew clearly that the nature of the companies established by Kim Bumjae was illegal multi-level capital mobilization, but she participated in managing and operating the companies, helping to appropriate money from many people.
