"Arrest Warrant Issued for Man in His 40s Who Embezzled 4 Billion Won Promising 'Permanent Residency with Investment'"

The police have requested an arrest warrant for a woman in her 40s who carried out a multi-billion won investment fraud by presenting herself as the head of the Korean branch of a foreign medical device company.

The Anti-Corruption and Economic Crime Investigation Unit of the Gwangju Police Agency announced on the 2nd that they have applied for an arrest warrant for A (49, female) on charges of fraud for embezzling investment funds worth approximately 4.3 billion won from professionals and others.

Investigations revealed that A introduced herself to victims as the Korean distributor (branch) representative of company B, a medical device firm headquartered in the United States.

The police stated that she induced investments from victims such as doctors by claiming that investing in the company would allow them to obtain permanent residency through investment immigration and that it was also convenient for exchange students.

The police currently have four complainants but believe there are more investors beyond these individuals.

A previously used name of A was Jennifer Jeong, and in 2018, she claimed to be the Korean partner of company B and proposed an investment worth 320 billion won to Gwangju City.

Gwangju City even held a vision declaration ceremony, announcing it as an investment attraction capable of creating 350 jobs; however, the headquarters of company B later stated that there were no investment plans, resulting in a farce.

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