[Exclusive]'30 billion won fraud arrest' Cha Ga-won, CEO, to appear in court on October 13

*This content was translated by AI.

Cha Ga-won, Chairman of PIA Group and CEO of One Hundred Label, who was indicted on suspicion of fraud involving approximately 30 billion won, will appear in court this October while in custody.

The Seoul Central District Court's Criminal Division No. 23 (Da) is scheduled to hold the first trial session for Cha Ga-won on October 13 regarding charges of fraud under the Act on Aggravated Punishment of Specific Economic Crimes.

Previously, the Seoul Central District Prosecutors' Office Tax Crime Investigation Department arrested and indicted Cha Ga-won on August 25. The Seoul National Police Agency Metropolitan Investigation Team Financial Crime Investigation Division transferred Cha Ga-won to the Prosecutors' Office in custody on August 7.

Cha Ga-won is accused of proposing a business utilizing the intellectual property (IP) of artists under his agency to Knowmerce Co., Ltd., signing a contract, receiving an advance payment of 24.2 billion won, and then failing to fulfill the actual business. The scale of damage is reported to be approximately 30 billion won.

The police determined that Cha Ga-won needed to be arrested and applied for an arrest warrant twice in June; however, the Prosecutors' Office rejected the requests, ordering further investigation. Consequently, after additional investigations, the police applied for a third arrest warrant on July 22, and the Prosecutors' Office requested an arrest warrant against Cha Ga-won on July 28.

In response, the court held a pre-trial detention hearing (substantive review of the arrest warrant) for Cha Won (CEO) on the 3rd and subsequently issued the arrest warrant, citing "concerns over destruction of evidence."

Cha Ga-won has completely denied the charges, arguing that "various suspicions surrounding One Hundred Label were raised during a hostile mergers and acquisitions (M&A) process."

Following the conclusion of the pre-trial detention hearing, Cha (CEO) left the courthouse at around 12:45 p.m. However, he remained silent when asked by reporters about what points he had clarified or whether he admitted to the charges.

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*This content was translated by AI.