Three Accomplices of 50 Billion Won Jeonse Fraud 'Gangseo Villa King' Arrested... Profits Taken Were 1.2 Billion Won

Investigation Accelerates After Villa Wang's Death
Employee, Brokerage Assistant, and Name Lender Arrested on Fraud Charges

A gang involved in a jeonse fraud worth 50 billion won in the Seoul metropolitan area, including Seoul and Incheon, has been arrested by the police. This is the fourth victim death this year, and the gang's illicit gains amounted to 1.2 billion won.

On the 18th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that they had arrested three individuals on the 15th on charges of fraud in connection with the case of Kim, known as the "Villa King" of Gangseo, who died after committing jeonse fraud in the metropolitan area. The three include two accomplices and one nominee (front man).

According to the police, accomplices A (42, male) and B (38, male) worked as an employee and brokerage assistant, respectively. They are known to have introduced 220 houses where gap investment without capital was possible to Kim and were involved in the contract process. The total jeonse deposits defrauded by Kim and these accomplices amounted to 37.2 billion won. C, who was also arrested, is reported to have received ownership transfer of 127 properties introduced as gap investment without capital.

Through these methods, the total jeonse deposits collected by Kim's gang reached approximately 54.2 billion won. It is reported that A gained 300 million won, B gained 700 million won, and C gained 150 million won in criminal proceeds.

Kim, the "Villa King," who owned 1,139 villas and officetels, committed jeonse fraud from 2020 until last year, defrauding about 54.2 billion won in deposits from a total of 347 victims.

After Kim died in a hotel in Jongno-gu, Seoul, in October last year, the police accelerated their investigation into his accomplices. During the ongoing investigation, a woman who was a victim of Kim's jeonse fraud also died. On the 8th, a woman in her 30s, Lee, was found dead in a villa in Yangcheon-gu, Seoul. Lee had signed a lease contract with Kim for a jeonse deposit of 30 million won, of which about 24 million won was reportedly a loan.

A police official stated, "The police will conduct strict and swift investigations into nominees and related parties involved in jeonse fraud."

Meanwhile, the police plan to expand investigations through a special crackdown on jeonse fraud. Yoon Hee-geun, Commissioner of the National Police Agency, said, "We will continue the special crackdown with the determination to eradicate jeonse fraud completely." According to the police, from July last year to this month, 1,878 victims of jeonse fraud have been identified, with total damages amounting to 316.7 billion won.

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