Is claim that divers found £100 BILLION of gold in Russian shipwreck a SCAM? South Korea probes whether investors are being misled as it emerges the same wreck has been 'discovered' three times
- Shinil Group claimed to have discovered wreck of Dimitrii Donskoi last week
- Firm said it believes there are $133billion worth of gold bars aboard the ship
- But South Korean financial regulators say they are investigating whether investors are being misled over the find
- Two other firms also claimed to have discovered the same wreck years ago
Doubt has emerged over a South Korean firm's claims to have found a £100billion treasure aboard a sunken ship amid government warnings that it could be a scam.
Shinil Group claimed to have discovered the wreck of Russian warship Dimitry Donskoi on Sunday and touted rumours that 200 tons of gold could be on board.
But after people began speculating on the stock market, South Korea's financial supervisory service warned it is looking for evidence of investors being misled.
Meanwhile it emerged that two other organisations 'discovered' the same wreck years before, including one which went bankrupt after being accused of spreading false rumours to bump up its stock price.
Shinil Group claimed to be the first company to discover the wreck of Russian warship Dimitrii Donskoi on Sunday and began spreading rumours that it had a large shipment of gold on board
But South Korea's financial watchdog has announced it is looking into whether investors are being misled about the find after stock began changing hands
Dong-Ah Construction claimed to have been the first to find the wreck in 2000 and also claimed there was a large supply of gold on board.
The announcement caused its share price to spike but it failed to provide evidence of the gold supply and made no attempt to raise the wreck before going under.
The government-funded Korea Institute of Ocean Science and Technology (KIOST) also told South Korean media that it had located the wreck in 2003.
Images from the company's website, posted in 2007, seem to show the same wreck at the bottom of the ocean, along with maps of its general location.
The institute has since accused Shinil of using its maps to 'discover' the wreck, raising doubts over who would hold rights to the treasure on board, if it even exists.
'A navy veteran and an expert in raising ships who had been a consultant while we were independently preparing to raise the Donskoi took the actual location data and the geological and marine information we had given him and joined the Shinil Group’s ship raising team.
'The result was that the Shinil Group was able to find in a matter of days what it took us years to discove,' a KIOST spokesman said, according to Korean news site Hani.
KIOST reportedly tried and failed to have the wreck raised, though it was not immediately clear why.
Meanwhile it emerged that two organisations claimed to have found the wreck years ago, including one that went bankrupt after being accused of lying to inflate its stock price
Historians also poured scorn on claims the Donsoki (pictured) had huge stores of gold on board, saying it would be illogical to transport such wealth aboard a single warship
Shinil is an unlisted company founded on June 1, meaning investors cannot buy shares, though its president recently agreed to acquire shares in a local company, Jeil Steel.
After Shinil said it had found the ship, Jeil's stock prices rose by 30 per cent as investors speculated that it would be linked to the salvage operation.
The shares continued their steep rise morning before Jeil clarified that it has 'no relation to the treasure ship business', causing prices to drop more than 20 per cent.
South Korea's financial supervisory service subsequently warned that it will be keeping a close eye on trading around Jeil.
Regulators are looking out for evidence of deceptive practices including whether investors were being misled.
'Investors should beware because it's uncertain whether the ship is salvageable and whether Shinil would be able to gain ownership of the assets even if it gets permission to raise it,' said the official.
'Dong-Ah Construction made similar claims over the same ship but failed to deliver on its promises and went bankrupt, causing huge losses for investors.'
Shinil has also launched a cryptocurrency through its website, claiming to be using the ship as collateral.
But the currency advertises itself like a pyramid scheme, promising users 25 coins for joining the scheme and an additional 5 coins for each new investor the sign up.
There was no answer from the telephone number or email address listed on the cryptocurrency website when MailOnline tried to make contact.
The currency website also links to a second website for Shinil Group, though all of the links are under construction.
WRECK OF RUSSIAN WARSHIP FOUND, BELIEVED TO HOLD GOLD WORTH $130 BILLION
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