POLICE SEARCH SHINIL GROUP FOR SUSPECTED FINANCIAL FRAUD OVER SUNKEN RUSSIAN WARSHIP

The Korea Times on 7th August reported that South Korean police searched the office of Shinil Group as part of an investigation into an allegation the company committed investment fraud by inventing a fictitious story that it discovered the wreck of a sunken Russian warship laden with treasure off Ulleung Island, east of the peninsula.  In July the group announced it had found the Russian warship Dimitrii Donskoi, which went missing in 1905 during the Russo-Japanese War, showing what was said to be submarine footage.  Following the press conference, Shinil Group issued its cryptocurrency Shinil Gold Coin (SGC), with police suspecting it used the story to attract investment.

http://www.koreatimes.co.kr/www/nation/2018/08/356_253504.html?src=ilaw

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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