"Promising Profit by Acquiring Transport Company"...Prosecutors Arrest Fraudster Who Embezzled Over 400 Million Won

A man in his 40s was arrested for embezzling 450 million won under the pretext of acquiring a freight transportation company.

On the 10th, the Criminal Division 3 of Daegu District Prosecutors' Office (Chief Prosecutor Jo Yong-woo) indicted Mr. A on charges of fraud for embezzling money under the pretext of funds for acquiring a freight transportation company.

Mr. A is accused of deceiving two people by falsely claiming that he would acquire a freight transportation company and generate profits between December 2018 and September 2019, embezzling 450 million won.

He reportedly deceived the victims by claiming that he could generate profits by securing 100 commercial vehicle license plates through loans from financial institutions using transportation business rights as collateral and collecting vehicle rental fees.

Initially, the police decided not to prosecute due to lack of evidence of a crime, but the complainant filed an objection, leading the prosecution to conduct a direct investigation.

The prosecution's investigation revealed that Mr. A fabricated false freight acquisition contracts as if he had signed acquisition agreements with four freight transportation companies and used the embezzled money for personal purposes.

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