Seoul police investigate possible scam involving Russian shipwreck

SEOUL, Aug. 6 (UPI) -- Seoul police have launched an investigation team to look into an alleged investment scam related to the recent discovery of a 113-year-old Russian shipwreck.

The Seoul Metropolitan Police Agency will probe Shinil Group, a South Korean construction company that's attracted investors to fund a salvage project for the sunken ship.

The company has been accused of luring investors with a claim the ship contains 5,500 boxes of gold bars and coins worth billions.

It's also attracted people to invest in its virtual money with a pledge to return benefits from the "treasure ship," authorities said.

"We organized an investigation team devoted to this case," Seoul police chief Lee Ju-min told reporters in a press briefing Monday, Yonhap reported.

"We formed a 13-member team, including those who will track money flow. Right now, we are collecting testimonies from victims."

Shinil claimed last month it discovered the wreckage of the Russian naval cruiser Dmitri Donskoi, which sank off South Korea's eastern Ulleung Island during the Russo-Japanese war in 1905.