Prosecutors Indict Over 20 Accomplices of Villa King in 14 Billion Won Jeonse Fraud Case

Additional Indictment for Mr. Choi, 30s Villa King
Mr. Choi's 'Nominee' Saved by Mr. Jeong, Who Is Now Detained and Indicted

Accomplices of Choi Mo (35), the so-called "Villa King" in his 30s who was arrested and indicted for a jeonse fraud amounting to 14 billion KRW, have been collectively brought to trial.

The Criminal Division 8 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Koo Tae-yeon) on the 15th indicted consulting agent Jung Mo (34), who assisted Choi behind the scenes, on charges of fraud and violation of the Real Name Real Estate Act, and non-custodially indicted 22 others, including consulting company employees and name trustees, who actively participated in recruiting name trustees and other crimes, on charges including violation of the Real Name Real Estate Act. The prosecution also additionally indicted Choi, who was previously arrested and indicted on the 21st of last month, on charges of violating the Real Name Real Estate Act on the same day.

Seoul Central District Prosecutors' Office, Seocho-dong, Seoul.
Photo by Choi Seok-jin

Jung is accused of embezzling 760 million KRW in rental deposits from four tenants through no-capital gap investment in the metropolitan area from April 2021 to April last year, together with Choi.

Investigation results revealed that from April 2021 to December last year, Jung helped Choi commit jeonse fraud on 50 villas (with a total sale price of about 13 billion KRW) by finding "front name holders" and providing name trust services.

Earlier, the prosecution had arrested and indicted Choi on charges of embezzling a total deposit of 14.4 billion KRW from 70 tenants by renting out multi-family houses in the metropolitan area including Seoul, Incheon, and Gyeonggi Province through no-capital gap investment from June 2019 to April last year.

This case was investigated by the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency upon request from the Ministry of Land, Infrastructure and Transport, and was transferred to the prosecution on the 5th of last month.

A prosecution official said, "During the hearing for the arrest warrant requested by the police, the dedicated prosecutor personally appeared and submitted a written opinion and additional materials, actively responding and securing Jung's custody."

The official added, "Since the Seoul Metropolitan Police Agency is currently conducting investigations into additional cases, the prosecution will closely cooperate with the police to uncover the full extent of the crimes and do its best to maintain the prosecution so that the defendants receive sentences commensurate with their crimes."

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