Former K-Pop Singer Charged in $136 Million Ponzi Scheme
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South Korean police have indicted a former rock star for her alleged role in a major Ponzi scheme. Kim Jae-hee, 54, once the lead vocalist for the popular band Boohwal, is among 69 people implicated in the fraud.
Authorities accuse the group of collecting over 200 billion won (US$136 million) through illegal investments. They allegedly stole at least 19 billion won from victims.
The Incheon Metropolitan Police Agency stated that Kim participated in promotional activities to recruit investors. Her involvement reportedly helped the scheme attract victims.
Police have forwarded Kim's case to the prosecutors' office. She now faces formal charges for her alleged part in the fraud.