A woman who promised to pay 10-15% profits if invested in businesses operating in Seoul’s Dongdaemun Market and other locations, and then embezzled the investment funds, was sentenced to prison.
[Image source=Yonhap News]
According to the legal community on the 27th, Judge Heo Myeong-san of Criminal Division 12 at the Seoul Northern District Court sentenced A, a woman in her 30s indicted on fraud charges, to 1 year and 6 months in prison.
A was charged with deceiving victims by promising to pay the principal plus interest under the pretext of conducting business in Dongdaemun Market and other places, and embezzling approximately 280 million won in investment funds.
A lied to victim B, with whom she had a close relationship, saying, “There are people who buy clearance clothes cheaply in Dongdaemun and sell them at a higher price to clothing stores in Daegu. I provide the purchase funds for these clearance clothes and receive the remaining profits,” and promised that if B invested in the purchase funds, she would pay the principal plus 15% interest on the investment.
Deceived by this, B transferred 258 million won to A over 33 transactions from February 2021 to April last year, including 150 million won from his father’s death insurance payout.
A also deceived C, who was investing under the name of “short-term loan funds” for Dongdaemun Market merchants, by explaining that D, who had been dealing with C, was detained in a detention center and could not proceed with the investment, and said, “I will pay 10% profit on the principal under the same conditions as D, so please proceed through me from now on.” A embezzled 20 million won from C in two installments under the pretext of investment funds.
The court explained the sentencing by stating, “The nature of the crime is very serious, and the victims have not properly recovered their damages.” However, it took into account as mitigating factors that A repaid 152 million won to B and 20 million won to C.
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