[Asia Economy Reporter Gong Byung-sun] A group accused of embezzling about 1 billion won by claiming to manage former President Park Jeong-hee's slush fund has been handed over to the prosecution.
On the 9th, the Dongdaemun Police Station in Seoul announced that on December 26 last year, A (68) and B (66) were sent to the prosecution under detention on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud). It was reported that A had nine previous fraud convictions, and B had one attempted fraud conviction.
The group is accused of embezzling about 1.04 billion won from victim C (48) over more than 30 occasions from December 2018 to August 2019. A and B showed C a bankbook containing 10 billion won and demanded money laundering expenses for legitimizing former President Park's slush fund.
Investigations revealed that A and B borrowed private loans to create the bankbook showing 10 billion won. The interest they had to pay reached 10 million won per day. It is known that about 60% of the money received from C was used to pay the interest.
A police official advised, "Be cautious of frauds impersonating the management of slush funds from the previous administration," and urged, "Be careful not to become a victim."
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