140 Billion Won Lease Fraud Without Capital... '30s Villa King' Arrested and Indicted

Victims Number Over 70

A so-called 'zero-capital gap investment' scheme, in which a person buys multi-family houses in the metropolitan area by involving tenants without any equity, and then embezzles jeonse deposits worth around 14 billion KRW, has led to the indictment of a '30s villa king.'

The Criminal Division 8 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Koo Tae-yeon) announced on the 21st that they have arrested and indicted Choi Mo (35), a rental business owner who owns 380 houses, on charges of fraud. Choi is accused of embezzling about 14 billion KRW in deposits from approximately 70 tenants between 2019 and 2022 in areas including Gangdong, Yangcheon, Guro, Yeongdeungpo, Gangbuk, Gangseo, and Geumcheon districts in Seoul, as well as Bucheon, Gimpo, Goyang in Gyeonggi Province, and Incheon.

The Seoul Metropolitan Police Agency's Financial Crime Investigation Unit began investigating the case upon request from the Ministry of Land, Infrastructure and Transport and transferred the case to the prosecution on the 5th of this month. The prosecution explained that during the hearing for Choi's arrest warrant requested by the police, a dedicated prosecutor from the Central District Prosecutors' Office appeared in person to provide detailed opinions on the necessity of detention, which led to securing Choi's custody.

Regarding the accomplice, Jeong Mo, the CEO of a real estate consulting firm, the police obtained an arrest warrant on the 19th and are currently investigating the background forces involved.

The prosecution stated, "We will work closely with the police to uncover the full extent of the crime and do our best to maintain the prosecution, including seeking a severe sentence commensurate with the defendant's crimes."

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