The CEO of a real estate investment company who deceived investors by promising high returns in a short period and embezzled over 150 billion won in investment funds has been arrested.
The Seoul Metropolitan Police Agency's Financial Crime Investigation Unit announced on the 24th that they have arrested Mr. A, a man in his 50s and CEO of a real estate investment company, on charges of fraud and violation of the Act on the Aggravated Punishment of Specific Economic Crimes and the Act on the Regulation of Conducting Fund-Raising Business without Permission.
According to the police, Mr. A is suspected of operating several cafe-style investment consultation offices in Seoul from 2019 until recently, deceiving investors by claiming they could earn high returns of over 5% per month through real estate auctions or public sales, and embezzling their investment funds and profits.
It has been investigated that there are about 300 victims who have not recovered their money from Mr. A, with the total damage amount exceeding 150 billion won.
Mr. A reportedly denied the charges, claiming that he himself is a victim who lost money after investing funds collected from others into a real estate information company CEO.
The police plan to confiscate and recover Mr. A's criminal proceeds and will soon transfer him to the prosecution.
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