Haru Invest CEO acquitted of $650 million fraud charges

BlockBeats news, on June 17, according to The Block, a South Korean court announced on Tuesday that Haru Invest CEO Lee Hyung-soo was found not guilty, dismissing fraud charges against him. Lee Hyung-soo had previously faced fraud charges after Haru Invest suddenly closed user withdrawal channels and shut down its office in June 2023. The company allegedly attracted thousands of investors by promising "full principal repayment" and high returns of up to 25% annually. The South Korean prosecution initially accused the company of illegally obtaining 1.39 trillion won (approximately $1.02 billion) from about 16,000 investors, but later reduced the amount to 880.5 billion won (approximately $650 million) in the formal indictment, involving about 6,000 investors. The prosecution had requested the court to sentence Lee Hyung-soo to 23 years in prison.