Two men nabbed in alleged Ponzi scheme linked to 2018 Olympics

  |   28 October, 2014   |   615   |   3980

SEOUL, Oct. 27 (Yonhap) -- Two men have been arrested on charges of duping hundreds of people into investing in a land lot near the skating and hockey venue of the 2018 Winter Olympics with the promise of high returns, police said Monday.



The duo -- a 39-year-old surnamed Kwon and a 38-year-old surnamed Lee -- are suspected of bilking 614 investors of 6.8 billion won (US$6.4 million) between November 2013 and July this year in a Ponzi scheme, Seoul's Suseo Police Station said.



The men lied to the victims that the value of land would rise sharply due to its proximity to the skating and hockey venue in Gangneung, an east coast city not far from the alpine town of Pyeongchang, the host of the 2018 Winter Games.