Police Arrest 3 Additional Accomplices of 'Gwangju Villa King'

Three accomplices were additionally arrested by the police in connection with last year's 48 billion won-scale jeonse fraud case.

The Anti-Corruption and Economic Crime Investigation Unit of the Gwangju Metropolitan Police Agency announced on the 20th that they had booked three individuals on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes and applied for arrest warrants.

They are reported to be executives of a real estate rental corporation and consulting operators, and are suspected of defrauding a total of 28.6 billion won from 108 victims by renting villas and other properties through so-called 'Kkangtong Jeonse' between February and August 2020.

The main perpetrator, Jeong Mo, purchased 400 newly built houses (villas) in large quantities from 2019 to 2020 using a 'no capital gap investment' method, spending almost no personal money.

These houses' market prices fell below the tenants' deposit amounts, turning them into 'Kkangtong Jeonse' cases.

As a result, after the lease periods expired, the deposits were not returned, and the total damage amounted to 48 billion won.

The police have continued follow-up investigations on the accomplices even after transferring Jeong to prosecution.

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