Police Monday arrested five Coinup executives on frauds of raking in multi-billion dollars from investors.

They were arrested for false promises of returning 15 million won in eight weeks or on cryptocurrency investments of 10 million won.

The executives of the cryptocurrency also defrauded investors of multi-billion dollars on a promise that their cryptocurrency investment return would multiply 1,000 times.

The Suseo Police in southern Seoul arrested them for frauds under the Additional Punishment Law on Economic Crimes, violation of the law on the door-to-door sales, and the unlicensed deposit-taking.

Its 61-year-old chairman surnamed Kang synthesized a photo portraying himself and President Moon Jae-in standing side by side in a reception.

He used the bogus photo in marketing to deceived investors into believing that President Moon has strong personal ties with himself, the police said.

The arrested also adopted a pyramid sales method of paying fees to investors who are successful in inviting the other investors for their frauds, the police added.