Former national football team player Lee Chun-Soo, 44, has been formally charged with fraud by the Jeju Provincial Police Agency following allegations involving hundreds of millions of won.
The case centers on claims of unpaid loans and a questionable investment scheme brought forward by a longtime acquaintance.
According to a complaint filed at the Seogwipo Police Station in October, the accuser, referred to only as A, claims Lee borrowed a total of 132 million won (~$92,000) between November 2018 and April 2021 for living expenses. Lee allegedly promised to repay the entire amount by the end of 2023, citing plans to launch a YouTube channel and soccer academy as sources of future income. The complainant transferred the money in nine separate transactions but states Lee cut off contact around fall 2021 without repaying any portion of the debt, even after establishing the promised income sources.
The complaint also addresses a separate investment matter. In April 2021, the accuser claims Lee encouraged investment of 500 million won (~348,000) in a foreign exchange futures trading website, assuring monthly profit distributions and guaranteed return of principal. The complainant transferred funds to another acquaintance identified as B, believing B operated the platform on Lee's recommendation. Only 160 million won (~113,000) of the principal was returned, and profit payments ceased after two months.
Read more: South Korean Police Impose Travel Ban on HYBE Chairman Bang Si-Hyuk Amid Stock Fraud Investigation
Lee's legal representatives have denied the fraud allegations while acknowledging receipt of money. According to their statement, the complainant gave the funds voluntarily during a period when A was financially stable, without conditions attached. They contend that fraud requires intentional deception, which they claim was absent. Regarding the investment solicitation, Lee's side categorically rejects involvement, stating he neither introduced the trading platform nor encouraged investment in it.
The representatives have also indicated Lee's willingness to repay the disputed funds. The Jeju Provincial Police Agency completed initial questioning of the complainant on October 25 and is currently conducting further investigation.
Lee rose to prominence as a key member of South Korea's 2002 World Cup squad that reached the semifinals. After retiring from professional football in 2015, he transitioned into soccer administration and television work. He currently operates a YouTube channel with approximately 780,000 subscribers and runs a soccer academy in Seogwipo, Jeju Island.
