’23 billion won yacht flex’ popular YouTuber arrested for 12 billion won fraud

[Sports Chosun Baek Ji-eun Reporter] A famous YouTuber known as ‘King Arthur,’ whose real name is Mr. Moon, has been arrested on charges of a 12 billion won lease fraud.

On the 21st, Suwon Nambug Police Station announced that Mr. Moon was recently arrested and sent to the Suwon District Prosecutor’s Office on charges of fraud.

Since 2017, Mr. Moon conspired with real estate agents to purchase 5 villas and 1 apartment in Suwon and Hwaseong using a zero-capital gap investment scheme. Gap investment is an investment method in which the investor purchases a property while receiving a lease deposit to cover the purchase price and then uses it to purchase other properties. Mr. Moon is accused of embezzling lease deposits totaling 11.9 billion won from 77 tenants from 2021 to last year using this method.

The police suspect that Mr. Moon embezzled the deposits when the interest rates for gap investments increased and it became difficult to manage the interest, as well as due to difficulties in finding new lease contract partners.

Moreover, Mr. Moon is also facing charges of forging documents, such as altering lease agreements with tenants into monthly rental agreements for loan purposes and submitting them to financial institutions.

Mr. Moon, who is a gaming YouTuber, has amassed 100,000 subscribers. He recently showcased his wealth through a video titled ’23 Billion Flex Yacht.’ On the 11th, he stated, “I have a hard time broadcasting due to being infected with COVID for the time being.”

Reporter Baek Ji-eun [email protected]