Two Real Estate Agents Involved in '48 Billion Won Jeonse Fraud' Have Arrest Warrants Dismissed

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Arrest warrants for two operators of a real estate consulting firm involved in a 48 billion KRW "empty jar jeonse" scam have been dismissed.

The Anti-Corruption Economic Crime Investigation Unit of the Gwangju Police Agency announced on the 12th that the arrest warrants for the two operators, who are suspected of violating the Act on the Aggravated Punishment of Specific Economic Crimes, were dismissed.

The court's reason for dismissal was the absence of concerns regarding evidence destruction or flight risk.

The police arrested a man in his 50s, Jeong, last year, who was involved in producing "empty jar jeonse" by purchasing houses (villas) using a "no capital gap investment" method, renting them out at high jeonse deposits.

In particular, the accomplices created false "up (UP) contracts" that recorded villas with expired contract periods at higher sale prices, pretending to resell them to figurehead owners, thereby generating additional victims of empty jar jeonse. After further arrests, arrest warrants were requested.

Jeong, who was previously detained, is accused of causing 48 billion KRW in jeonse fraud damages involving 208 properties (as of the date of referral) through the empty jar jeonse scam.

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