A former member of the South Korean rock band Boohwal has been identified as one of 69 people implicated in a Ponzi scheme that collected more than 200 billion won (US$136 million) from illegal investments and stole 19 billion won.
Police said singer Kim Jae-hee, 54, who once performed as Boohwal’s fourth vocalist, took part in promotional activities that helped recruit victims.
According to the Incheon Metropolitan Police Agency on Sunday, Kim was among those sent to prosecutors on charges including fraud and violations of related laws.
Two ringleaders, a 43-year-old identified as A and a 44-year-old identified as B, were arrested earlier, while Kim and 67 others were booked without detention.
Police said A and B ran the operation from December 2022 to August 2024 out of their headquarters in Seoul’s Gangnam district.
They raised 209 billion won from about 30,000 people and stole 19 billion won from 306 of them.
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