Ex-boyfriend of Kara's Park Gyu-ri, on trial for alleged multibillion-won fraud, to debut as singer

Song Ja-ho, 26, co-chief executive of Pica Project, is set to debut as a singer while standing trial on charges of defrauding investors with promises of art investment and manipulating virtual asset prices.

According to his production company, Songdam Studio, Song will release his first ballad single — "Uyeoni Rago Bureugien Neomu Unmyeong Gatdeon Sarang" ("A Love Too Fated to Call a Coincidence") — on Friday at noon.

Producer and composer Han Gil wrote both the lyrics and the music.

"This album is not simply the release of a single song — it is a meaningful work that marks the beginning of a new chapter in my life," Song said. "I believe love is a force that transcends everything, and I hope everyone who listens to this song takes a moment to reflect on the true meaning of love."

Song is the eldest grandson of Song Seung-heon, former chairman of Dongwon Construction, and has worked as an art curator since 2019. He drew public attention after it emerged that he had been born in 2000, not 1995 as had been widely reported. In 2022, he ran in a by-election for a National Assembly seat in Seocho-gap, Seoul.

Song was indicted in 2023 on fraud charges related to Pica Coin, and his first-instance trial at Seoul Southern District Court is ongoing. He was initially held in detention after his indictment but was released on bail and has been standing trial since.

Pica Coin, which Song operated, was promoted as a cryptocurrency that would allow multiple investors to jointly own fractional shares of individual artworks through a "piece investment" model. Song and others are accused of recruiting investors by misrepresenting that artworks had been secured when they had not, and of reaping illicit gains through market price manipulation.

Prosecutors believe Song worked with the Lee Hee-jin and Lee Hee-mun brothers — known as the "Cheongdam-dong stock millionaires" — to falsely promote business results, artificially inflate virtual asset prices and then sell, pocketing 33.8 billion won ($24.4 million). The arrest warrant prosecutors sought last July listed more than 14,000 victims.

Pica Coin was listed on the Upbit exchange in January 2021 but was delisted in June of that year after the platform determined that Song had issued and distributed a larger supply of coins than originally disclosed to investors.

Song is also known as the former boyfriend of Park Gyu-ri, a member of the K-pop group Kara. Park previously served as a curator and chief communications officer at Pica Project and was summoned by prosecutors for questioning as a witness. She was tentatively cleared of any involvement in the alleged crimes.