A Man in His 30s Who Lent His Account for Investment Fraud Caught by Police

Gangdongseo, Arrest of A-Class Wanted Person
Suspected Violation of the Electronic Financial Transactions Act

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] A man who lent his account for an investment fraud scheme was belatedly apprehended by the police.

According to a comprehensive report by Asia Economy on the 23rd, the Gangdong Police Station in Seoul arrested a man in his 30s, Mr. A, who attempted to withdraw money at a bank located in Gangdong-gu, Seoul, at 10:17 a.m. on the 18th, unaware that the account was registered fraudulently.

It was confirmed that Mr. A was a Class A wanted person with an outstanding arrest warrant.

According to the Songpa Police Station, Mr. A's account was used in 2019 for a 'stock leading scam' that encouraged individual investors to trade specific stocks. Mr. A is charged with creating a corporate account under the condition of receiving 1 million won per month (violation of the Electronic Financial Transactions Act).

A fraudulent account refers to an account involved in crimes such as voice phishing or used goods fraud. When an attempt is made to use the account after bank registration, it is reported to the police.

A police official stated, "Mr. A was already a wanted person," and added, "After being placed in detention, he was immediately handed over to the jurisdictional Songpa Police Station."

Meanwhile, despite movements to resume daily life amid COVID-19, it appears that apprehending wanted persons remains difficult. A police official said, "Unless they are caught for involvement in other crimes, it is not easy to track and arrest them additionally," and added, "Especially in cases that are old, it is difficult to pursue the suspect."