"If You Invest in Gold, I'll Give You Dividends"...7 Billion Won Embezzled

[Asia Economy Reporter Jang Sehee] A man in his 60s who swindled 700 million won by luring victims with gold investment was caught by the police.

On the 28th, the Gangnam Police Station in Seoul announced that they are investigating a man in his 60s, Mr. A, on charges of deceiving people into investing in gold with promises of high returns and embezzling several hundred million won. It has been confirmed that there are at least three victims.

Mr. A is accused of embezzling a total of 700 million won after telling acquaintances that if they invested in gold, they would receive a 10% monthly dividend on their investment.

It is reported that Mr. A initially paid dividends for about four months to reassure the victims, then disappeared to commit the crime.

The police stated, "Mr. A has been detained and the investigation is ongoing," adding, "We are investigating the exact circumstances of the incident."

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