SEOUL – Song Jin-ho, a former independent presidential candidate, has been placed under arrest and detention on charges of investment fraud, marking his latest brush with the law. The Seoul Central District Court issued the warrant on August 20, a decision based on the court's determination that Song posed a significant flight risk and a threat of evidence destruction.
The arrest follows a lengthy investigation by the Seoul Metropolitan Police Agency's Financial Crime Investigation Unit. Authorities allege that Song defrauded investors of hundreds of millions of won starting in 2020. He is accused of luring victims with a fraudulent scheme centered on a purported "Miracle City" development in Cambodia. The ambitious but fictional project was said to include an industrial complex and a vast theme park.
In addition to the physical development, Song allegedly promoted a related cryptocurrency called "Miracle Coin." He promised investors staggering returns, claiming the digital currency would be listed and yield up to a 200-fold profit. However, five years have passed with no sign of the coin's listing or the project's realization.
Song Jin-ho became a figure of controversy during his candidacy in the 21st presidential election when it was revealed that he held the record for the most prior convictions among any presidential hopeful. According to the National Election Commission's public disclosure of candidate information, his record included 17 convictions for a range of offenses, including fraud, violence, assault, property damage, labor law violations, and violating the Act on Regulation of Dishonored Checks. Of these convictions, he served prison sentences on eight separate occasions.
This latest arrest brings renewed attention to a figure whose criminal past was a central point of debate during his political campaign. The issuance of the detention warrant underscores the severity of the new allegations, which could add to his already extensive criminal history.
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