The investor also garnered attention on Netflix’s “Super Rich in Korea.”
David Yong, a 37-year-old Singaporean businessman and CEO of Evergreen Group Holdings, was arrested and charged with falsifying tax documents.
Some know Yong, whose full name is Yong Khung Lin, from Netflix‘s Super Rich in Korea. He marketed himself as “Singapore’s Top 1%” wealthiest man as he showed off his luxurious life.
![[EXCLUSIVE PREVIEW] Singapore one-percenter David Yong | Super Rich in Korea | Netflix [ENG]](https://i.ytimg.com/vi/6W75rCS9O-g/hqdefault.jpg)
But for most K-Pop fans, he first emerged when he stepped up to invest in K-Pop management ATTRAKT after its legal win against former FIFTY FIFTY members.
ATTRAKT To Launch A “New Girl Group” Following Legal Win Against FIFTY FIFTY
The news of foreign capital being invested into “saving” the troubled girl group excited K-Pop fans from Korea and around the world, as the “Cupid Conflict” left all shocked and concerned for the future of FIFTY FIFTY. He was soon dubbed, as his press release material called him, a “knight in shining armor, reviving ATTRAKT.”
FIFTY FIFTY Vs ATTRAKT: The Full Story Behind The “Cupid” Conflict
With Yong’s investment, ATTRAKT aimed to launch a new girl group, or “FIFTY FIFTY 2.0.”
As of August 1, 2024 (Singapore Standard Time), though, Yong was reported to have been arrested. By August 3, 2024, Yong was charged with “falsification of accounts,” facing up to a decade in prison (and/or being fined).
According to the Singaporean police investigation, Yong is accused of making Jolene Low Mong Han falsify papers belonging to Evergreen Group Holdings with intention to commit tax fraud back in 2021. In addition, Evergreen Group Holdings is charged with falsifying promissory notes, promising 10% annual interest, to raise funds. The invested funds from issuing the said promissory notes are alleged to have been misused.
The investigation revealed that, as of 2023, Evergreen Group Holdings was “placed on the Monetary Authority of Singapore Investor Alert List to warn consumers in Singapore that the company is not regulated or licensed to provide financial services.”
That said, with Yong’s arrest, fans are unsure of what will happen to FIFTY FIFTY and/or ATTRAKT.
Koreans expressed the doubts that crossed their minds when Yong appeared on a handful of Korean TV entertainment programs, marking him “excessive” for boasting his wealth. Hoping that his arrest won’t affect FIFTY FIFTY’s return, Koreans compared Yong to one of Korea’s most infamous fraudsters, Jeon Chung Jo.
- “So this is the man who invested in FIFTY FIFTY.”
- “What’s going to happen to FIFTY FIFTY?”
- “I knew something felt off about him. Damn.”
- “I first heard about him when he announced his investment in FIFTY FIFTY and… Well, I saw this coming.”
- “With each TV appearance he made, I knew he was a con artist. Like… The real rich would never go on shows and ask for suggestions about where to invest their funds.”
- “This is going to give SIGNIEL SEOUL a reputation…”
- “Do all con artists live in SIGNIEL SEOUL?”
- “Wait, didn’t he invest in FIFTY FIFTY’s management?”
- “It was weird how someone as ‘rich’ as he is appeared on something like Unpredictable Fortunetellers. And it was weird he was so excessive in showing off his wealth. He shouldn’t have needed the media spotlight if he were, in fact, so rich. He would’ve had his own connections. That said… I hope FIFTY FIFTY can still make their comeback happen and see success.”
Others raised concerns for ATTRAKT. One Reddit post pointed out how ATTRAKT’s CEO Jeon Hong Joon “immediately stumbled into a partnership with another scammer,” criticizing Jeon for the utter lack of awareness. Some dubbed it “karma” for what happened to the former members.
FiftyFifty/Attrakt’s new investor David Yong just got arrested in Singapore for falsification of accounts
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In July 2024, new members for the revamped FIFTY FIFTY were revealed, with news of their long-awaited comeback to be sometime in September 2024.
ATTRAKT Reveals First Look At FIFTY FIFTY’s New Members
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