Former 4MEN vocalist Kim Young Jae was arrested for fraud, stealing approximately 800 million won from an investment fund. Team leader Song Seung Sub of the Seoul Economic Delinquency Investigative Team revealed on December 5th that the former 4MEN member, Kim Young Jae, was arrested for stealing more than 800 million Korean won (approximately $720,000 U.S. Dollars) of investment funds from acquaintances.
Currently, Kim Young Jae is looking at prosecution without detention for the time being.
According to the Seoul Supreme Prosecutors’ Office, Kim Young Jae began scamming six individuals between July of 2013 to March 2014 by offering them a deal, saying, “If you invest in an automobile security loan and yacht purchasing business, I will offer you your money back with extra interest on top of the already high interests accumulated [from the total sales made],” and collecting over 800 million Korean won. For this, he was charged with fraud for not returning money to the rightful investors.
The victims involved in the fraud were revealed to be acquaintances of Kim Young Jae, who all met when the artist was managing a middle class business. It was also revealed that this recent scamming done by Kim Young Jae was conducted while he was still in the midst of paying off another debt of 500 million Korean won, which he was making payments by borrowing money from other loaners, creating debt after debt.
Though the official statements and process of how this investigation will carry out have not been revealed, many netizens have left comments of disbelief, saying, “800 million won? That’s insane,” “It just makes me laugh how he made more debt to pay off his first debt. It’s also scary because that’s how the economy is working nowadays,” and, “I wonder why he had so much debt in the first place? What did he need all that money for?”