[Economic Crime 24 Hours] "I'll Grow Your Money" Heartless Fraudsters Exploiting Disabled People

Extorting 50 Million Won Under the Pretext of Stock Investment
Borrowing Loans Using Someone Else's Name and Embezzling Pension Funds

A (41), who suffers from a severe disability due to a lower body injury, met Mr. Lee (53) through an internet chat on December 15, 2022. When Mr. Lee, who claimed to have made a large sum of money through stocks, said, "If we invest in stocks together, I will triple your money," A was moved. Having difficulty finding employment due to physical limitations, A deposited 1.5 million won into the account Mr. Lee provided.

Repeated Fraud During Recidivism Period... Victims Suffer Twice

Afterwards, A sent money to Mr. Lee several more times under the pretext of investment funds. Although suspicious of the frequently changing accounts, Mr. Lee reassured A by saying, "Stock experts are investing in various fields," promising that the investment would soon be recovered. In total, A deposited 54.3 million won to Mr. Lee over 26 transactions, an amount close to A's entire savings. After more than two months without receiving a single penny back, A finally filed a complaint with the police on March 23 of the following year.

The Busan Gijang Police Station, which began the investigation, struggled because Mr. Lee used multiple accounts and his phone was registered under someone else's name. Without a fixed residence, tracking him was also difficult. Later, they discovered a similar case reported to the Gyeongbuk Gyeongsan Police Station and merged the investigations.

While investigating the two victims' cases, the police tracked Mr. Lee staying at a motel in Gangnam-gu, Seoul, and arrested him on May 12 last year. It was found that Mr. Lee had been living a lavish lifestyle, spending 5 to 8 million won daily at entertainment establishments in Yeoksam-dong, Seoul, using the approximately 90 million won extorted from A and another victim.

Furthermore, Mr. Lee was revealed to have committed fraud using the same method in 2011, 2015, and 2018, serving prison sentences ranging from 2 years and 6 months to 3 years and 6 months. The police immediately detained Mr. Lee and transferred him to the prosecution.

20s Man Who Embezzled Tens of Millions by Promising Room and Board

In Gwangju, Gyeonggi Province, a man in his 20s who approached intellectually disabled individuals by promising to provide room and board, then lived with them and embezzled wages and pensions, was handed over to the prosecution.

Yang (24) lived with two intellectually disabled individuals in their 20s, including B, at his family home from February to September 2021. During this seven-month period, he extorted 60 million won by taking loans, wages, retirement pay, and disability pensions under their names.

Yang approached B and others, introduced through social networking services (SNS), under the pretense of providing room and board, then demanded living expenses or deceived them by claiming he would manage their money. Additionally, Yang approached a 70-year-old neighbor, C, tricking him into handing over his mobile phone by promising to help receive government subsidies, then extorted about 800,000 won by transferring money to his own account.

Yang's crimes were uncovered when a family member of one victim discovered loans taken out under the victim's name and reported it to the police. Yang repeatedly ignored police summons before finally being arrested and detained. The Gwangju Police Station in Gyeonggi Province investigated the case and referred Yang to the prosecution on charges including quasi-fraud.

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