A Canadian citizen was apprehended for allegedly taking 33 billion won ($27.8 million) from Koreans living in Canada through fraudulent investment deals, police said Thursday.
Police said they arrested the Korean-turned-Canadian suspect in Seoul. According to police, the suspect, identified by his surname Kim, established an investment agency in Vancouver and raised funds amounting to nearly $27.8 million from 200 Koreans living there.
Victims testified that Kim was well known there for his money-making funds management.
Police plan to widen the investigation because they’ve been notified that there are more victims.
“Some say the total amount of money taken is over 70 billion won,” a police officer said. “We are teaming up with Canadian police to find whether there are hidden and borrowed-name bank accounts of him.”