Close Confidant of Pyramid Scheme Mastermind Arrested

Write : 2015-10-12 10:00:03 Update : 2015-10-12 10:06:45

Close Confidant of Pyramid Scheme Mastermind Arrested

A close confidant of Cho Hee-pal, the mastermind behind the country's biggest-ever pyramid scheme, has been arrested in China seven years after fleeing police.
 
The Daegu District Court said Sunday that Kang Tae-yong was arrested in an apartment in Wuxi, Jiangsu province on Saturday by Chinese police.
 
Kang fled to China after embezzling with Cho some four trillion won from around 40-thousand investors between 2004 and 2008, saying their investment in a medical device rental business would yield high profits.
 
The prosecution will continue to investigate the living status of Cho and the whereabouts of his hidden assets after Kang is extradited this week. 

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