"It'll be a hit if it's listed".Investment in unlisted shares to snag 5.5 billion

Police have caught a group of people who stole billions of won by selling unlisted stocks at high prices as if they were going to be listed.

The Seoul Metropolitan Police Agency arrested 46 people, including A, the head of an unlisted company, and B, a stock broker, on charges of fraud and other charges, and arrested five of them.

Mr. A and others are accused of stealing 5.5 billion won from 286 people by selling unlisted stocks worth 100 won, which are not possible to be listed, at up to 300 times inflated prices through telemarketing methods for 8 months from September last year.

Mr. A, who had been suffering from the company's financial difficulties, was introduced to an unregistered telemarketing organization by a stock broker, distributed his shares using the listing as bait, and divided the profits.

They were found to have received the investment, saying that if listed, three to four times the profit is guaranteed by showing business plans written under the name of unlisted companies after searching for victims at online meetings where stock investors are active.

The police confiscated 350 million won worth of cash and valuables from A and others and froze them.