Police Securing Suspected Behind-the-Scenes Company Personnel
[Asia Economy Reporter Hyunju Park] Jeong Mo, the so-called 'Villa King' who caused great suffering to many tenants, has been revealed to be merely a figurehead. On the 9th, the police booked a consulting firm suspected to be the mastermind behind Jeong's case and are currently working to secure custody.
Jeong purchased 240 villas and officetels through gap investment in the Gangseo-gu area of Seoul and rented them out to tenants. Many of the properties owned by Jeong were in the same buildings as those owned by Kim Mo, the 'original Villa King,' raising suspicions that these cases might be connected.
Regarding Kim's case, the police have booked five related individuals, including the building owner and sales agents, and are analyzing seized items such as bank accounts. Additionally, the case of Song Mo, a 20-something Villa King who owned over 60 villas and officetels in Michuhol-gu, Incheon, is also under investigation.
On the afternoon of the 23rd last month, a quiet atmosphere prevailed at an apartment in Michuhol-gu, Incheon, where victims of jeonse fraud were reported to have emerged one after another. Photo by Yonhap News
The villa lease fraud cases attracted attention due to the suspicious deaths of these individuals. Jeong died in July last year in Jeju, where he had no known connections, while Kim and Song also passed away in October and December of last year, respectively.
As it became known that all three Villa Kings, who owned anywhere from hundreds to thousands of villas, had died, speculation arose that there might be a mastermind behind these cases. Notably, even after Jeong's death, transactions such as final payments were found to have occurred until August last year. Victims also testified that Kim appeared to have intellectual disabilities, leading to predictions that a third party or accomplices were actively involved in the contract processes.
According to the police, not all Villa Kings in these cases had masterminds behind them; some acted independently. However, in Jeong's case, the consulting firm is considered the actual organization, and Jeong was close to a figurehead, the police have determined. The police believe there may be more similar cases and are continuing their investigations.
Meanwhile, from July 25 last year to the 1st of this month, the police conducted a special crackdown on lease fraud, arresting a total of 884 people in 399 cases, including gap investments without capital, with 83 of them detained. By type, false guarantee insurance cases were the most common with 493 people, followed by violations of the Licensed Real Estate Agents Act (181 people), and gap investments without capital (34 people).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
