"Making Money with Gift Investments"... 50s Arrested for Defrauding Neighbors of 4.5 Billion Won

Arrested on Fraud Charges

A man in his 50s who posed as an investment expert and deceived about 30 neighbors out of more than 4 billion won has been arrested.

[Photo by Yonhap News]

The Ulsan Southern Police Station announced on the 3rd that Mr. A was arrested on charges of fraud and sent to the prosecution. According to the police, from March 2021 to May of this year, Mr. A induced investments from residents living in the same apartment complex by claiming, "I am making a large profit through futures options investment." He showed photos proving profits and initially returned part of the investment money, claiming that he made profits with the invested funds, which gained their trust. As a result, a total of 33 neighbors entrusted Mr. A with investment funds amounting to approximately 4.5 billion won.

However, when Mr. A was unable to generate profits and could not return the investment funds, he avoided meetings and cut off contact altogether, using the excuse that he was "hospitalized." Eventually, after the victims filed a complaint with the police, Mr. A was caught. It was reported that Mr. A has a prior record of 15 offenses involving similar fraudulent schemes.

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