"In Their 30s, Lost Billions to Gambling After Embezzling from Acquaintances Despite Cancer Diagnosis"

Police Send Man in His 30s to Prosecution on Charges of Fraud and Habitual Gambling

[Asia Economy Reporter Yoo Byung-don] A man in his 30s who repeatedly lied to acquaintances for years and embezzled billions of won to squander on gambling was arrested by the police.

On the 10th, the Seoul Gwanak Police Station announced that they had arrested a man in his 30s, identified as Mr. A, on charges of fraud and habitual gambling, and sent him to the prosecution in custody.

According to the police, Mr. A is accused of deceiving about 30 people, including acquaintances and alumni, from June 2016 to December last year, embezzling approximately 2.9 billion won under the pretext of investment funds and other reasons.

Mr. A reportedly carried out his fraudulent activities by various lies, such as encouraging investments by saying, "If you invest in the rental business operated by my father, I will give you the profits and principal," or demanding money by saying, "I have thyroid cancer, but if you lend me money, I will repay you with the insurance payout."

The police have identified that Mr. A committed the crimes approximately 230 times.

Additionally, during the police investigation, Mr. A's habitual gambling charges were also revealed. It was found that most of the money embezzled through lies was used for sports Toto, Powerball games, and other gambling activities. The amount Mr. A spent on gambling over several years is known to be about 5.2 billion won.