[Asia Economy Reporter Lee Jung-yoon] A man in his 30s who embezzled gold worth tens of millions of won by exploiting loopholes in the payment system has been arrested by the police.
According to the police on the 5th, the Hyehwa Police Station in Seoul has booked and is investigating a man in his 30s, Mr. A, on fraud charges for embezzling gold worth approximately 35 million won in market value over three occasions while visiting jewelry stores in Jongno.
Mr. A is suspected of falsely entering card numbers to approve payments by telling store owners unfamiliar with card payment terminals, "I left my KakaoBank check card behind, but since I know the card number, I will enter it directly to approve the payment."
He targeted times outside of card company business hours, such as holidays or late afternoons, to have receipts issued. Each time, although no actual transaction was completed, physical receipts were reportedly generated.
The jewelry store owners only realized that the payments were not properly processed when they were organizing the receipts and reported it to the police. Mr. A made payments of about 12 million won worth of gold products such as gold necklaces or bracelets each time he committed the crime. It is reported that he has no work history with any card company.
The police plan to ascertain the exact facts.
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