Prosecutors Arrest and Indict 1st Generation Villa King for Embezzling 8.4 Billion Won in Lease Deposits

The prosecution has brought charges against a man in his 60s, known as the 'first-generation villa king,' for his rental business activities.

The Criminal Division 8 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Gu Taeyeon) announced on the 11th that they have indicted Mr. Lee (65) on charges of fraud under the Criminal Act.

Villa King Graphic

Mr. Lee is accused of embezzling 8.4 billion KRW in rental deposit money from 43 tenants through zero-capital gap investment in areas including Gangseo-gu, Seoul, from June 2017 to December 2018. After Mr. Lee was detained on separate charges related to a jeonse fraud case, the prosecution learned that he was scheduled to be released from detention on the 15th of last month. In coordination with the Seoul Metropolitan Police Agency, they obtained an arrest warrant for Mr. Lee and executed it immediately upon his release from detention. During the pre-arrest interrogation, a dedicated prosecutor attended, submitting statements and additional materials to explain the necessity of detention, actively responding to secure Mr. Lee’s custody.

The Seoul Metropolitan Police Agency is conducting investigations into Mr. Lee’s additional offenses and his accomplices. The prosecution stated, "We will do our best to clarify the full extent of the crimes through close cooperation with the police."

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