South Korean Prosecutors Seek Arrest Warrant for Entertainment CEO Cha Ga-won Over 30 Billion‑Won Fraud

South Korea's Seoul Central District Prosecutors Office filed a request on June 28 for an arrest warrant against Cha Ga‑won, the head of the entertainment agency One Hundred Red and chairman of Piac Group. Cha is accused of fraud amounting to roughly 300 billion won (about 240 million USD) after he received an advance payment of 242 billion won from the firm Nomus for a proposed intellectual‑property‑based project that was never carried out. Police say Cha entered overlapping contracts without informing Nomus and failed to prepare the promised business, effectively diverting the funds to cover existing debts. After two earlier attempts to secure a warrant were rejected by prosecutors for insufficient evidence, the third request follows intensified investigations, including tracing Cha’s financial accounts and analyzing contract relationships. Cha has denied the allegations, claiming they stem from a hostile takeover dispute.