"Claimed to Own 18 Units" Man in His 50s Arrested for 600 Million Won Fraud

Over 20 Victims Lured by Pre-sale Rights Scheme
Total Damages Reach 4.5 Billion Won

A man in his 50s has been arrested by the police for allegedly defrauding victims of hundreds of millions of won by promising to sell regional housing association apartment pre-sale rights at low prices. It was revealed that he neither possessed the actual units nor had any intention of conducting real transactions.

On June 2, Gwangju Gwangsan Police Station announced that it had detained a man in his 50s, identified as A, on charges of fraud. A is accused of deceiving three victims in August 2018 by pretending to sell pre-sale rights for an apartment in a regional housing association in Buk-gu, Gwangju, and collecting a total of 600 million won, with each victim handing over 200 million won.

A gained the victims' trust by falsely claiming to own 18 apartment units allocated to association members and then induced them to make transactions. However, investigations found that he actually owned only a very small number of units, and even for those, he had no genuine intention to sell them legitimately.

The police are expanding their investigation, believing there may be additional victims beyond the three already identified. So far, it is known that there are more than 20 confirmed victims, with total damages amounting to approximately 4.5 billion won.

A police official stated, "We will continue to verify the facts based on transaction records related to A and additional victim statements."

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