Former member of boy group 4men Kim Young Jae may be serving six years in jail for fraud if the prosecution gets their way.
On July 15, Seoul Central District Prosecutors Office demands that Kim Young Jae should be charged for six years of jail time for charges of peculating 895,600,600 KRW (779,000 USD) from five people for raising capital for investment.
According to the prosecution, he borrowed 895,600,600 KRW from five of Kim Young Jae’s acquaintances beginning July of last year until March of this year. It is said that the money would go to a car warranty, a loan service as well as a yacht business. However, Kim Young Jae was accused of not returning the borrowed funds as well as the interest.
He was sued by one of his acquaintance to the Seoul Central District Court for not paying him back the principal as well as the interest of the borrowed money amounting to 650,000,000 KRW (565,000 USD).
Previously, Kim Young Jae denied such allegations of fraud and insisted, “I have been borrowing and lending money for nine months and have paid back the high interest because I came to a rough patch, and I was looking to have an agreement with the lenders.”
“In no way it was fraud,” Kim Young Jae adds.
April of last year, it was revealed that Kim Young Jae left 4men after the expiration of his contract. He has then decided to leave the group and go solo despite being accused of fraud.
Stay tuned for more updates on this issue!