Singer Park Jeong-un faces fraud investigation

Park Jeong-eun / Korea Times file

By Bahk Eun-ji

Singer Park Jeong-un _ popular in the 1980s and 90s for his hit “Still Raining in My Heart”_ is under investigation over allegations that he is involved in a crypto currency fraud of about 200 billion won ($183,503,000).

The prosecution said Monday it was investigating Park and a company “INNO EnC,” of which he is CEO, after issuing an arrest warrant for the president, identified only as“A.”

“A” fled overseas after telling investors he would return the 200 billion won plus profit with an Ethereum virtual currency token.

“A” founded the company to invest in the Ethereum Virtual Machine.

Prosecutors said the investigation was focused on whether the singer knew about the fraud in advance.

The singer and “A” known each other for several years, and Park used his popularity to help attract investors, the prosecution said.