Prosecutors raid financial market watchdog over Lime fund scam
Posted : 2021-02-18 18:41
Updated : 2021-02-18 22:29
The file photo shows the entrance of the Financial Supervisory Service on Yeouido, Seoul. / Korea Times file
Prosecutors on Thursday raided the market watchdog Financial Supervisory Service (FSS) to look into its suspected implication in the unfolding financial fraud scandal involving Lime Asset Management, prosecution officials said.
Prosecutors and investigators from the Seoul Southern District Prosecutors Office reportedly secured documents and other materials related to Lime Asset during their raid on the FSS building in Yeouido, central Seoul, in the morning, they said.
Lime Asset, founded in 2012, has been under probe over selling and running fraudulent financial products and subsequent suspension of fund redemption worth an estimated 1.6 trillion won ($1.44 billion).