'Water Park Investment Bait' 200 Million Won Fraud: Court Imposes Prison Sentence on Government Official

[Asia Economy Reporter Seongpil Jo] The court sentenced a Ulsan District Court official to prison for deceiving someone into investing 200 million won in the purchase of a water park and pocketing the money.

According to the legal community on the 21st, Judge Yoo Jung-woo of the Ulsan District Court Criminal Division 2 sentenced court official A (51), who was tried on charges of fraud, to 1 year and 3 months in prison, and co-conspirator real estate agent B (50) to 1 year in prison. The court stated the reason for sentencing A, saying, "The defendant, who is in a position that requires utmost integrity in performing duties, deceived the victim inside the court building, which warrants a stricter and heavier criminal responsibility."

A was charged with deceiving victim C in a meeting room inside the Ulsan District Court in March 2017 by saying, "We plan to purchase the water park through a public auction, but we lack funds, so invest 200 million won," and "You will receive a total of 300 million won including the auction dividend after 50 days," thereby embezzling 200 million won. A and others initially planned to cover the water park’s winning bid price of 9.5 billion won by borrowing about 7.6 billion won, which is 80% of the amount, from a bank, but due to the loan-to-deposit ratio issue, the loan was impossible, and even if they received C’s investment, they could not pay 300 million won including profits within 50 days.

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