THE sunken wreck is real: the century-old Imperial Russian Navy cruiser Dmitri Donskoi is sitting on the bottom off the coast of South Korea. But its gold-bullion cargo is not.<\/p>\n
Now, the South Korean company behind the breathless announcement that it had found a $190 billion treasure-trove is under investigation for fraud.<\/p>\n
The Shinil Group produced photographic evidence it had found the wreck of the cruiser, which was scuttled by its crew after the battle of Tsushima a clash with saw the Russian navy soundly defeated by the Japanese.<\/p>\n
Where things get murky is the legend it went down with some 200 tons of gold, in the form of coins and 5000 boxes of gold bars. Shinil claimed a treasure box was seen inside the wreck by its remote-piloted vehicle. No gold, however, was recovered.<\/p>\n
That presents the first problem: Shinil claimed this would be worth $190 billion. But the stated amount of gold is worth about $10 billion.<\/p>\n
Nevertheless, the company issued a salvage claim on the wreck. While Russia is automatically entitled to half, Shinil benevolently said it would give 10 per cent of its cut to Korean infrastructure projects.<\/p>\n
But investigators believe the devil is in the detail.<\/p>\n
RELATED: Doubts raised over Russian treasure ship claim<\/p>\n
Shinil also stated it would invest another 10 per cent in a new cryptocurrency system that it would be establishing. Meanwhile, a Singapore-based affiliate was trying to sell cryptocurrency based on the potential value of the shipwreck.<\/p>\n
The company said it would produce evidence of the gold cargo within a week of its announcement. That was a month ago.<\/p>\n
It has also walked back its estimated value of the haul several times. It now says the treasure is likely worth just over one million dollars.<\/p>\n
The video posted to YouTube of the wreck has been removed. Shinil has shut down its own website.<\/p>\n
The Shinil Gold Coin cryptocurrency project has also vanished. Its website is gone and no new mention of its impending launch has been made.<\/p>\n
Seoul Metropolitan Police have told the Yonhap News Agency that it has raided Shinil offices and is now investigating the case as a potential fraud, perpetrated by a family with a history of similar scams.<\/p>\n
RELATED: The shot that sank HMAS Sydney<\/p>\n
Choi Yong-seek, former chief of Shinil Group, and his predecessor Rhu Sang-mi are both being interviewed by police.<\/p>\n
Police believe Choi played a key role in the company business as a partner of the Rhu siblings Rhu Sang-mi and Rhu Seung-jin who headed the firms Singapore unit.<\/p>\n
Choi resigned as CEO as the Dmitri Donskoi story exploded around him.<\/p>\n
Rhu Seung-jin, who fled to Vietnam after he was implicated in another fraud case in 2014, has been added to an Interpol wanted list in relation to the Dmitri Donskoi case.<\/p>\n
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Russian treasure ship cryptocurrency fraud: Dmitri Donskoi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" THE sunken wreck is real: the century-old Imperial Russian Navy cruiser Dmitri Donskoi is sitting on the bottom off the coast of South Korea. But its gold-bullion cargo is not Continue reading