'Annual 3% Profit Guarantee' Man Who Fled After 2.2 Billion Fraud Extradited from Vietnam

Suspect in Fraud Case Also Transferred, Targeting Local Korean Residents

Mr. A, who deceived victims by promising to pay interest if they invested in a restaurant opening, embezzled billions of won. / Photo by National Police Agency

[Asia Economy Reporter Seongpil Cho] A Korean man who fled to Vietnam after defrauding tens of billions of won by falsely promising to pay interest on investments in restaurant openings was repatriated to Korea on the 1st.

The National Police Agency announced that Mr. A, who was apprehended in Vietnam, was forcibly repatriated through Incheon International Airport that morning. According to the police, Mr. A is accused of defrauding 270 million won in August 2017 at an office located in Seocho-gu, Seoul, by falsely promising to pay 3% annual interest on investments for additional restaurant openings. Furthermore, he was wanted on seven outstanding warrants for fraud, and the total amount defrauded was confirmed to be 2.2 billion won.

The police received intelligence that Mr. A was staying in Da Nang, Vietnam, and issued an Interpol Red Notice in March. They shared specific intelligence about his location with local Vietnamese authorities. After several days of stakeout at the hotel where Mr. A was staying, the Vietnamese police successfully arrested him on the 11th of last month.

Mr. B, who is accused of carrying out a multi-billion won fraud scheme targeting Vietnamese expatriates, is being escorted back to the country by the police. / Photo by the National Police Agency

Meanwhile, the police also extradited another Korean man, Mr. B, who had committed fraud involving tens of billions of won targeting Korean residents in Vietnam, back to Korea on the 25th of last month.

Mr. B is accused of approaching a Korean resident in December 2019, introducing himself as someone involved in construction of a resort and hotel complex for 1 million people in Hanoi, and deceiving the victim by promising full repayment if operating funds were lent, thereby defrauding 530 million won. It is known that Mr. B defrauded over 2 billion won from more than 30 local Korean residents using similar methods.

Kang Gitaek, head of the Interpol International Cooperation Division at the National Police Agency, stated, "As COVID-19 quarantine guidelines have recently been eased, the arrest and repatriation of fugitives through international cooperation are also returning to normal. Since fugitives often commit crimes again within the Korean resident community, we will strive to contribute to the stability of the community through their arrest and repatriation."

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