Prosecutors Arrest and Indict Three, Including Accomplice of 'Villa King' for Over 1,000 Houses Gap Speculation Without Capital

Two accomplices and one name lender of Kim, known as the "Villa King," who held about 1,000 houses through zero-capital gap speculation and rented them out without returning the deposits before his death in October last year, have been brought to trial.

Prosecutors have requested an arrest warrant for the fifth cousin of Justice Minister Cho Kuk, a key figure in the 'private equity fund suspicion,' and there are expectations that Professor Jung Kyung-shim, the minister's wife, will soon be summoned. The photo was taken on the 16th at the Seoul Central District Prosecutors' Office in Seocho-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

According to the legal community on the 8th, the Criminal Division 8 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Koo Tae-yeon) indicted three people?former judicial scrivener office manager Kang and real estate brokerage assistant Jo, as well as name lender Byun?on charges of fraud and attempted fraud yesterday, detaining them.

According to the prosecution, Kang is accused of embezzling rental deposits totaling 39.1 billion KRW from 261 victims between June 2020 and August last year; Jo is accused of embezzling 18 billion KRW from 138 victims between November 2020 and May last year; and Byun is accused of embezzling 14.8 billion KRW from 110 victims between January 2021 and August last year.

Investigations revealed that the total number of victims across the Seoul metropolitan area reached 509, with total damages amounting to 71.9 billion KRW.

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