Police Arrest and Send to Prosecution Businessman Who Defrauded 100 Billion Won with 'High-Profit Guaranteed Insurance' Scheme

[Asia Economy Reporter Lee Jung-yoon] An insurance agency operator who deceived customers by promising high returns and embezzled approximately 100 billion KRW over several years has been handed over to the prosecution.

On the 23rd, the Songpa Police Station in Seoul announced that they recently sent Oh, an insurance industry worker arrested on fraud charges, to the prosecution with a recommendation for indictment.

Oh is accused of operating a quasi-deposit-taking company disguised as an insurance agency and embezzling money entrusted by victims. Investigations revealed that he deceived victims by promising to provide a portion of the sales commission the agency received if they canceled after subscribing to the products he sold. It is known that he used a 'Ponzi scheme' method, covering promised returns to customers with money from other customers, embezzling from 1,000 people over about 10 years, totaling approximately 100 billion KRW.

The police are also investigating other individuals involved in the illegal quasi-deposit-taking activities alongside Oh.

This content was produced with the assistance of AI translation services.