[Breaking News] Police apply for third arrest warrant against Cha Ga-won, CEO, on suspicion of fraud involving 30 billion won

*This content was translated by AI.

Police have applied for a third arrest warrant against Cha Ga-won, CEO of the label One Hundred Label, who is under suspicion of fraud amounting to 30 billion won.

The Financial Crime Investigation Division of the Seoul National Police Agency's Metropolitan Investigation Team applied for an arrest warrant against CEO Cha Ga-won on the 22nd, citing charges of fraud and others under the Act on Aggravated Punishment of Specific Economic Crimes.

Previously, police had applied for an arrest warrant against CEO Cha Ga-won in June, but the Prosecution Service rejected it. Subsequently, they applied again, but the Prosecution Service rejected the warrant once more, requesting additional investigation to supplement the composition of criminal facts.

Cha Ga-won is suspected of proposing a business utilizing the intellectual property rights of entertainers under his entertainment agency to Knowmerce Co., Ltd., signing a contract, receiving an advance payment of 24.2 billion won, and then failing to fulfill the business.

According to industry sources, the amount claimed as fraud victims totals around 30 billion won.

In response, Cha Ga-won's side has denied the allegations. Cha Ga-won's side argued that this suspicion is part of a hostile mergers and acquisitions (M&A) operation targeting One Hundred Label.

Additionally, Cha Ga-won is also suspected of promising to enter into lease contracts for houses owned by acquaintances, receiving a deposit of 5.4 billion won, and then failing to fulfill the contract.

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*This content was translated by AI.