Former South Korean national football team player Lee Chun Soo accused of large-scale fraud.
According to a CBS No Cut News report on November 4, the Jeju Provincial Police Agency has booked Lee on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. The accuser, identified only as Mr. A, reportedly completed police questioning on October 25.
The complaint alleges that in November 2018, Lee borrowed money from Mr. A, claiming it was for living expenses. Lee reportedly told Mr. A that he was running a YouTube channel and planning to open a football academy, promising to repay the money in full by the end of 2023. Over nine separate transactions, Lee allegedly received a total of 132 million KRW (approx. 95,000 USD).
Mr. A further claimed that Lee encouraged him to invest in a so-called “foreign exchange building transaction platform,” ultimately defrauding him of several hundred million won. In April 2021, Lee allegedly persuaded Mr. A by saying, “Trust me and invest 500 million KRW (approx. 360,000 USD). I’ll share monthly profits with you and return the principal whenever you request it.”
Including both the living expenses and investment funds, Mr. A claims that Lee borrowed a total of 632 million KRW (approx. 455,000 USD). Of that amount, only one to two months’ worth of investment profits and 160 million KRW (approx. 115,000 USD) in principal were reportedly returned.
Mr. A stated that Lee cut off contact in the fall of 2021 and failed to make any further repayments. In response, Lee Chun Soo denied the allegations in an interview, acknowledging that he received money from Mr. A but insisting there was no fraudulent intent. “It’s true that I received money, but it was during a time when Mr. A was doing well financially, and he told me to just use it,” Lee said. “There was no intent to deceive, and I fully intend to repay the money.”
Lee also denied any involvement in the alleged investment scheme, stating, “I never introduced or recommended any foreign exchange trading platforms.”
The police investigation is currently underway.
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