One Hundred CEO arrested over alleged 30 billion won fraud

Seoul Central District Court has arrested Cha Ga-won, the CEO of entertainment agency One Hundred, on charges of fraud amounting to approximately 30 billion won (about $23 million USD).

The court issued the arrest warrant on August 3rd, citing concerns that Cha might destroy evidence. He is accused of soliciting business partnerships by leveraging the intellectual property rights of artists under his agency. Following these proposals, he allegedly received advance payments but failed to launch or proceed with the promised ventures.

Police have been investigating the case, consolidating three separate complaints against Cha. The total amount claimed by the alleged victims reaches the 30 billion won mark. This marks the third arrest warrant application by the Seoul Metropolitan Police Agency's financial crime investigation unit, following two previous rejections by prosecutors who requested further evidence to support the charges.

Prosecutors had previously returned the warrant applications twice, asking the police to supplement the evidence regarding the alleged criminal activities. The latest application, submitted on July 22nd, led to Cha's arrest.