Police have launched an investigation into a suspected fraudulent claim by a local company,... that it discovered the wreck of a sunken Russian warship from the early 20th century.
The investigation comes as Shinil Group announced earlier this month,... it found the wreck of Dmitrii Donskoi,... a Russian warship that disappeared in 1905 during the Russo-Japanese war.
Speculation spread quickly that the ship had sunk with 200 tons of gold,... worth 116-billion U.S. dollars,... causing the financial authorities to monitor the stock market for any unusual movement.
The police added that they have placed travel bans on the head of Shinil Group Choi Yong-seok and several other people related to the probe.