One Hundred CEO Cha Ga-won faces detention hearing over W30b fraud charges

A detention hearing is underway for Cha Ga-won, CEO of One Hundred, who faces fraud charges involving about 30 billion won ($20.9 million).

Seoul Central District Court Judge Bu Dong-sik began the pre-arrest examination — a hearing to determine whether a detention warrant should be issued — at 10 a.m. Monday.

Prosecutors have applied to the court for a warrant to detain Cha on charges of fraud and embezzlement of jeonse deposits.

Cha is accused of collecting 24.2 billion won in advance payments from Nomuss Co. by proposing a project to commercialize the intellectual property of entertainers under the agency's management, then failing to fulfill the contract. He also faces charges of pocketing about 5 billion won in jeonse deposits by signing lease agreements using properties registered in the names of acquaintances.