Real Estate Agent, "If You Buy Before Announcement, Price Will Increase at Least Twofold"
Received 58 Million Won Twice from Victims as Land Transaction Fees
The Ulsan District Court sentenced a real estate agent to prison for deceiving people into believing the land was for a large-scale apartment complex and extorting hundreds of millions of won.
[Asia Economy Kim Gun-chan, Intern Reporter] A real estate agent who swindled hundreds of millions of won by deceiving victims into believing that a large-scale apartment complex would be built on a piece of land was sentenced to prison.
The Ulsan District Court Criminal Division 9 announced on the 23rd that it sentenced Mr. A, a man in his 40s who was tried on fraud charges, to six months in prison.
Mr. A, a real estate trader, was indicted on charges of receiving 58 million won from the victim under the pretext of land purchase costs.
It was investigated that in February 2016, Mr. A told the victim at his office in Ulsan, "Korea Land and Housing Corporation is developing a large-scale apartment complex in Pohang City, and if you purchase the land before the announcement, its value will increase at least twofold."
In June 2018, Mr. A was also found to have extorted 200 million won from another victim using a similar method.
Contrary to Mr. A's explanation, the land in question was a natural green area where apartment construction was impossible, and there were no development plans by the Korea Land and Housing Corporation.
The court stated the reason for sentencing, saying, "We considered the fact that some victims were compensated for their damages."
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