One Hundred CEO Cha Ga-won Arrested on Fraud Charges
Cha Ga-won arrested; allegations have emerged of 24.2 billion won in advance payment fraud and double-contract suspicions Quickly check the full story behind the 30 billion won-scale losses and the key points of the investigation
Chairman of Piak Group Cha Gawon and CEO of One Hundred Label has been arrested on fraud charges. The Seoul Central District Court issued an arrest warrant, citing concerns over the destruction of evidence.
According to police, CEO Cha is accused of proposing a business using the intellectual property (IP) of entertainers affiliated with the entertainment agency he operates, signing a contract with Nomus Co., Ltd., receiving an advance payment of 24.2 billion won, and then failing to carry out the actual business. Investigators believe he entered into a double contract without fully disclosing the existing contract situation and was also insufficiently prepared to carry out the business.
The total amount of damage is reportedly around 30 billion won, and Cha's side denies the allegations. He did not answer reporters' questions after the detention review.