Jeonbuk Police Agency Catches 40 Billion Won Jeonju Investment Fraud Scheme
[Asia Economy Honam Reporting Headquarters Reporter Park Myung-jin] The Intelligent Crime Investigation Unit of the Jeonbuk Provincial Police Agency announced on the 8th that it has requested an arrest warrant under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes for suspect A, who defrauded traditional market merchants in Jeonju of 43 billion won in investment funds.
Suspect A is accused of defrauding about 70 merchants by promising high returns in a short period, leveraging personal connections from previous work in the secondary financial sector.
Upon reviewing A’s personal and corporate bank account statements, it was confirmed that the amount was far less than the 43 billion won claimed.
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A police official stated that, with the suspect in custody, they plan to investigate the motive, circumstances of the crime, and whether the embezzled funds have been concealed.
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