7 Billion Won Embezzled from Apartment Maintenance Fees Over 10 Years... Accounting Staff Arrested and Sent to Prosecution

Manipulated Documents and Transferred Funds to Personal Account
"Disappeared While Juggling Debts"

Hundreds of millions of won in maintenance fees disappeared over more than a decade from an apartment complex in Gwangju. A single accounting staff member consistently manipulated documents and embezzled a total of 700 million won. He eventually went into hiding due to mounting debt but was apprehended by the police.

On the 28th, Gwangju Gwangsan Police Station announced that they had detained and referred for prosecution an accounting staff member, A (48), from an apartment in Gwangsan-gu, on charges of occupational embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. A is suspected of embezzling approximately 700 million won in apartment maintenance fees and long-term repair reserves from 2016 until recently.

Gwangsan Police Station, Gwangju.

According to the police, A was solely responsible for accounting and fabricated documents to make it appear as if expenses such as electricity, water bills, and labor costs had been properly paid, then transferred the funds to his own account. During the police investigation, he reportedly stated, "I used the money to pay off debts."

A is said to have repeatedly borrowed money from acquaintances by offering high interest rates, then repaid previous loans with money borrowed from others, a practice known as "dollyeomagi." In this process, his debt reportedly snowballed. However, it has not been clearly confirmed where the funds were actually used.

The apartment management office became suspicious when A withdrew the remaining balance of about 30 million won from the maintenance fee account and disappeared on the 5th. They filed a complaint with the police. A was arrested on the 21st on a street in Bucheon, Gyeonggi Province, and 7 million won in cash was confiscated at the time.

The police are continuing to investigate whether A hid any assets or funds, while the apartment management office, based on its own investigation, estimates the total amount embezzled could reach 3 billion won and is preparing additional materials for further legal action.

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