‘If You Lend Money, You Can Get High Interest’ Gang Embezzling Billions... Sentenced to Prison in First Trial

The Amount Embezzled by Them Reaches Approximately 3.5 Billion Won

[Asia Economy Reporter Oh Gyumin] A group of men in their 30s accused of embezzling billions of won from victims under the pretense of real estate investment and subscription applications were sentenced to prison in the first trial.

The Criminal Division 11 of the Seoul Western District Court (Presiding Judge Moon Byungchan) announced on the 2nd that Jang (33) and Lee (32), who were indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and fraud, were sentenced to 3 years and 6 months and 2 years in prison, respectively.

The court pointed out, "Jang committed repeated crimes over a considerable period, and Lee, using his acquaintance with the victims, promised high returns in a short period, embezzling large sums of about 2.3 billion won and 1.2 billion won, respectively," adding, "During the crime period, they lived lavishly, gambling online and leasing luxury foreign cars."

However, the court explained the sentencing reasons, stating, "Jang admitted most of the criminal facts and reflected on his wrongdoing, and Lee played a role limited to transferring money at Jang's request," and "some compensation to certain victims appears to have been made."

They were indicted for borrowing money from a victim who was an acquaintance of Lee in April 2018, under the pretense that "if you lend money to us who invest in real estate in Seoul, you can receive high interest," and then embezzling it.

They are also accused of lying to other victims in July and August of the same year, saying, "We have subscription savings accounts with a very high chance of winning, so if you give us money, we will help you get a unit in the desired area," and embezzling money.

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