South Korean police raided the office of the company Shinil Group, which claimed to have discovered a sunken during the Russo-Japanese war treasure ship, and now is suspected of fraud with ICO.

Nearly three dozen investigators raided the company’s office and seven related locations for clues, said police.

Shinil Group announced the discovery of the drowned in 1905, of the cruiser “Dmitry Donskoy”, on July 15 by posting photos at the bottom of the ship. The company said that on Board the cruiser is 200 tons of gold worth 130 trillion Korean won ($116 billion).

Presumably Singapore branch Shinil Group started at the same time to sell the tokens Shinil Gold Coin (SGC) secured a share of sunken treasure. The firm has attracted investors, arguing that the value of coins with initial 200 won to the end of the year will rise to 10 thousand won. But quickly began to spread rumors that the whole thing was a Scam.

Shinil Group held another press conference at which the value of the treasure was adjusted to 10 trillion won. In the documents submitted to the Ministry of oceans and fisheries of Korea to obtain permission to conduct the survey, the assessed value amounted to 1.2 billion won.

Meanwhile, another company stated that it had found the sunken cruiser to Shinil Group and filed a complaint for criminal prosecution against her. As soon as this became known, Shinil closed.
The head of the company was forbidden to leave the country, and later Interpol put him and another key suspect in the most wanted list.

Recall that, according to a study conducted by the Wall Street Journal, 18.6% of the ICO are suspect in scame or fraud. And the company Satis Group LLC believes that the scum are up to 80% ICO with a market capitalization of at least $50 million.