Businessman accused of 3.5 billion won fraud, arrest warrant dismissed: "No risk of evidence destruction or flight"

On the 22nd at 11 a.m., after the detention hearing (warrant review) held at the Gwangju District Court, Mr. Yeo is getting into the transport vehicle. / Photo by Ji-Hyung Park bless4ya@

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] The arrest warrant requested for businessman Mr. Yeo, who is accused of borrowing billions of won from an acquaintance, has been dismissed.

According to the legal community on the 22nd, Judge Kim Jong-geun, in charge of warrants at the Gwangju District Court, dismissed the arrest warrant for Mr. Yeo, who is accused of fraud.

The court stated, "At this stage, it is difficult to see the necessity of detention," and added, "It is hard to consider there is a risk of evidence tampering or flight."

Mr. Yeo appeared for the pre-arrest suspect interrogation (warrant substantive examination) at 11 a.m. that day.

Afterward, as he left the courtroom, he did not respond to reporters' questions asking, "Do you admit to the charges?"

Mr. Yeo is accused of borrowing 3.5 billion won from victim Mr. A after approaching him with a promise to sell land located in Naju City, Jeollanam-do, valued at approximately 20 billion won, and failing to repay it.

However, he is known to claim that the money was not borrowed but received as payment for the land sale.

The police first became aware of this case through an investigation by the Crime Intelligence Analysis Team and are currently judging, based on witness and reference testimonies, that the money is a loan rather than a commission.