Court Issues Arrest Warrant for 40s Man Accused of 14 Billion Won Fraud Against Husband and Relatives

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] A man in his 40s who fled after committing a large-scale investment fraud against his husband and relatives has been arrested by the police.

According to the legal community on the 20th, the Jeonju District Court held a pre-trial detention hearing for Mr. A, who was issued an arrest warrant on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and judged that detention was necessary, issuing the warrant. Mr. A is accused of deceiving eight people, including his husband and close relatives, from 2012 until July of this year, by promising high commissions if they paid ship insurance premiums on his behalf, and embezzling approximately 14.7 billion KRW.

Mr. A suddenly disappeared recently due to concerns that his crimes would be uncovered, but the police obtained an arrest warrant and apprehended him on the 16th at an officetel in Buyeo, Chungnam. Police investigations revealed that Mr. A squandered most of the investment funds received from the victims on stocks and other investments. The police plan to investigate the detailed circumstances of the case with Mr. A before transferring the case to the prosecution.

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