South Korea officials have issued a notice upon arrival for Terra’s Do Kwon and are prohibiting Terra executives from leaving the country at the moment.
Do Kwon has been served with “notification upon arrival” and departure restriction notifications by the criminal investigation team in South Korea. The plea by the prosecutors for the Ministry of Justice in South Korea to continue their investigation into the claims of fraud leveled against TerraForm Labs and its executives, including Daniel Shin was also granted.
According to Korean media donga, South Korea's Ministry of Justice approved a ban on multiple Terra managers from leaving the country and required notification of entry to Do Kwon, who now lives in Singapore. https://t.co/AIvX3rBjq0
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When Kwon reaches South Korean territory, the investigators will be notified via a process known as “notice upon arrival.” When an emergency ongoing investigation is underway, and the suspect has departed the jurisdiction, such actions are taken during the inquiry. It is believed that Kwon is now living in Singapore at this time. But, the prosecutor’s office did not provide any information about Kwon’s location also Naver writes that “The prosecutor also brought up the possibility of cooperating with Interpol to issue a Red Notice for Do Kwon’s extradition.”
Do Kwon is being accused of continuing to sell Terra (LUNA) tokens to investors without providing them with information about the potential dangers associated with the purchase. In addition to this, the court procedures on the cases brought against him by Terra investors must take place in his presence. On the other hand, it has been stated that Shin’s position had nothing to do with the ongoing problem since his partnership with CEO Kwon was dissolved in March of 2020, but Daniel Shin is also banned from leaving Korea.
Moreover, the investigation led to the discovery of a Terra subsidiary, FLEXE Corporation. According to the allegations, FLEXE was used to transfer funds from other countries into firms associated with Terra. When the inspectors visited the location that was stated, the company was not present on the premises in any way. Furthermore, KBS, a news network in South Korea, asserts that the entity in question was a defunct paper manufacturing business.
As Reported by The Crypto Basic, the recent developments show that Terraform Labs is facing Second Class Action Suit in the U.S., Korean Investigators raided the Home Of Terra’s Co-Founder, and crypto exchanges are also being raided as a part of Investigations
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