"Construction King Father and Daughter Show Off Wealth, Said Items Were Safe..."

"I only hope to get my full deposit back."

A, a 27-year-old job seeker and victim of a jeonse fraud in Michuhol-gu, Incheon, appeared on MBC Radio's 'Kim Jong-bae's Focus' on the 20th to share her ordeal. She is a tenant who signed a jeonse contract for a house owned by the daughter of Nam, known as the 'Incheon Construction King.' She signed a jeonse contract worth 110 million KRW, of which about 99 million KRW was financed through a jeonse loan.

However, A is now at risk of losing the entire 110 million KRW. She said, "The house hasn't gone to auction yet, but the landlord had been saying for some time that it would likely go to auction. Some residents are already on the verge of auction, so I have had a meeting with the bank officer."

A is not eligible for the highest priority repayment. The mortgage on the jeonse fraud property was established in 2018, and the threshold for small tenants to receive the highest priority repayment that year was 100 million KRW.

Jeonse fraud victims hold a press conference on the 18th in front of the Presidential Office in Yongsan-gu, Seoul, urging the establishment of measures to address 'Jeonse fraud damage.' Photo by Dongju Yoon doso7@

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A said, "Before signing the contract, I checked the certified copy of the register at the real estate agency. Regarding the mortgage, they said, 'Since the declared price here is high, even if it goes to auction because of the mortgage, there probably won't be much financial damage. If any problems arise, we will provide a deduction certificate and a performance guarantee, so don't worry.' They boasted a lot about the financial strength of the landlord and the landlord's father," adding, "They said it was a property that would never go to auction, and that they never handle properties that would cause such worries, so I decided to sign the contract."

However, the real estate agent was also part of the Construction King's group. She said, "I heard that the real estate agent is currently in custody."

She found out about the problems with the house in July last year. She said, "The landlord sent a message saying that due to the regime change, interest rates have risen a lot, making it difficult to bear the interest. They were looking for someone who might want to buy or switch to a safe jeonse." She added, "I felt something was off, so I told them from July last year that I would request to move out, but the daughter said she understood, and there was no contact until December."

A said the jeonse fraud has greatly affected her daily life. She said, "My parents tell me it's just money lost and that I should work hard from now on, but I think my parents are having a harder time," adding, "It hurts, so I haven't seen them for a while." She continued, "It's hard to accumulate assets, and the uncertain future of when I can repay this debt scares me."

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