Won Hundred Label CEO Cha Ga-won arrested... accused of fraud worth 30 billion won

Cha Gawon, the CEO of entertainment agency One Hundred Label, who is accused of fraud involving 30 billion won, was arrested on the 3rd. After conducting a prearrest suspect examination of CEO Cha, the Seoul Central District Court issued an arrest warrant, citing concerns that evidence could be destroyed. Cha is accused of proposing a business using the intellectual property (IP) of artists under his agency, entering into a contract with Nomas Co., Ltd., receiving an advance payment of 24.2 billion won, and then failing to carry out the business. Police suspect that Cha was not actually in a position to prepare for the business and that he concealed his contract status with another company while entering into a double contract. Cha denied the allegations, and prosecutors, after twice rejecting police requests for an arrest warrant, filed for the warrant again based on the results of additional investigation.