Jeju Police Agency Arrests Dealer in Largest Used Imported Car Fraud Case

[Jeju=Asia Economy Honam Reporting Headquarters Reporter Hwang Jeongpil] Jeju Police Agency announced on the 24th that they have arrested a foreign car dealer who defrauded approximately 5.7 billion KRW worth of foreign cars by deceiving victims into providing vehicle ownership, promising to generate profits by exporting the foreign cars after delivery on the 23rd.

The suspect, in collusion with the previously apprehended ringleader A and others, embezzled money from victims under various allowances and refund claims. It was also revealed that the suspect lied to ringleader A, claiming that an advance payment was required for vehicle delivery even when the advance payment was actually zero, thereby embezzling money.

Jeju Police received intelligence that an organized foreign used car investment scam was being conducted targeting victims in the Jeju area, and have continuously investigated by arresting 10 suspects including the ringleader and detaining 6 of them.

As a result of this case, it has been revealed that there are about 130 victims in the Jeju area so far, with damages amounting to 19 billion KRW.

Lee Sang-ryul, Chief of Jeju Police Agency, said, “Soliciting investors by promising high returns in exchange for lending vehicle ownership is highly likely to be a crime, so we urge caution,” and added, “We will continue to strictly investigate malicious frauds that threaten the lives of residents and become a warm Jeju Police living among the people.”

Jeju=Asia Economy Honam Reporting Headquarters Reporter Hwang Jeongpil baekok@asiae.co.kr

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