Former lawmaker Thae Yong-ho speaks during a discussion at the University of Cambridge in the U.K., May 21. Yonhap

Former People Power Party lawmaker Thae Yong-ho’s eldest son has been arrested and handed over to prosecutors on allegations of cryptocurrency fraud involving about 1.6 billion won ($1.06 million).

According to Seoul Gangnam Police Station on Thursday, a man surnamed Thae was indicted and transferred to prosecutors on May 13 on charges including fraud, illegal fundraising, identity theft and embezzlement.

He is accused of deceiving acquaintances by using his father’s name and promising profits from cryptocurrency investments, then taking their money.

Police believe that the eldest son of the former diplomat for North Korea…