Haru Invest CEO Acquitted, Cleared of $650 Million Fraud Charges

BlockBeats News, on June 17, according to The Block, the South Korean court announced on Tuesday that Haru Invest CEO Lee Hyung-soo was found not guilty and dismissed the fraud charges against him.

Lee Hyung-soo had previously faced fraud accusations due to Haru Invest's abrupt suspension of user withdrawals and closure of its office in June 2023. The company reportedly attracted thousands of investors by promising "full principal returns" and annualized returns of up to 25%.

Initially, South Korean prosecutors accused the company of illegally obtaining 1.39 trillion won (approximately $1.02 billion) from around 16,000 investors. However, during the formal indictment, the amount was adjusted to 880.5 billion won (approximately $650 million), involving about 6,000 investors. Prosecutors had requested the court sentence Lee Hyung-soo to 23 years in prison.