Police seek arrest warrant for entertainment agency CEO over $23 million fraud allegations

South Korean police have sought an arrest warrant for Cha Ga-won, chairman of Piaak Group and head of the entertainment agency One Hundred Label, over allegations of fraud amounting to around 30 billion won. The Seoul Metropolitan Police Agency's financial crime investigation unit submitted the warrant request to the Seoul Central District Prosecutors' Office, which is currently reviewing it.

Cha is accused of defrauding a company named Nomus by proposing a business venture that utilized the intellectual property of artists affiliated with his agency. He allegedly received an advance payment of 24.2 billion won for this project but failed to implement the business as promised. Investigators are reportedly examining whether Cha entered into a double contract with Nomus without fully disclosing existing contractual obligations with other entities.

In addition to the business fraud allegations, Cha faces separate accusations of defrauding approximately 5 billion won related to a rental deposit. Police previously searched One Hundred Label's offices in April and questioned Cha as a suspect on May 6 and 7. During police questioning, Cha reportedly denied the charges.