Prosecutors Arrest and Indict '1st Generation Villa King' for Embezzling 42.6 Billion Won in Jeonse Deposits

The 'first-generation villa king' who carried out a 40 billion won jeonse fraud in Seoul, Incheon, and other areas has been brought to trial.

Villa King image. Graphic by Asia Economy

The Criminal Division 8 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Hong Wan-hee) announced on the 11th that Jin Mo (51) was arrested and indicted the day before on charges of embezzling a large amount of jeonse deposits through gap investment without capital.

According to the prosecution, Jin is accused of defrauding a total of 42.6 billion won in jeonse deposits from 207 tenants in Gangseo-gu and Geumcheon-gu in Seoul and the Incheon area from November 2016 to September 2019. It was investigated that Jin purchased villas without his own capital and received jeonse deposits higher than the purchase price, pocketing the difference, and bought 772 houses from 2014 to 2020. Although he was unable to return the jeonse deposits, he used a 'ponzi scheme' method to repay them, causing numerous victims.