Teacher Who Claimed to Mediate School Money Disputes Embezzled 90 Million Won and Lost It on Cryptocurrency

Jeju Western Police Station Arrests High School Teacher on Fraud Charges
Takes Initiative to Resolve Money Transaction Issues Among Students

A high school teacher who embezzled money from students and parents under the pretense of mediating financial disputes among students has been arrested.

On the 28th, Jeju Western Police Station arrested A, a teacher in his 30s at a high school in the Jeju area, on charges of fraud, according to Yonhap News. A is accused of embezzling about 90 million won from one student and five parents around March.

The fraudulent activities committed by A originated from money transactions among students at the school where he worked. High school student B lent approximately 70 million won to his classmates but was unable to recover the money, so he sought help from A. The teacher offered to act as a third-party witness and mediator. Subsequently, he contacted the students who borrowed money and their parents, explained the situation, and asked them to deposit money into his account, promising to deliver it to B. However, A did not return the money to B despite collecting it in this manner. It is known that the money B lent to his friends was savings he had accumulated from working in agriculture since elementary school.

The financial issues caused by A do not end there. Earlier, he was also investigated for failing to repay 6 million won borrowed from a friend in January. Additionally, from October last year to January this year, he posted listings on a secondhand trading online platform claiming to sell shuttlecocks, received 7.5 million won from four people, and then cut off contact, committing what is known as a 'meoktwi' (scam and disappear) incident.

The fact that A embezzled money from students and parents as an intermediary came to light when two parents filed complaints with the police on the 27th and 30th of last month. Jeju Western Police Station booked A on charges of fraud, and the Jeju Provincial Office of Education suspended him from his position on the 31st of last month.

Afterward, A avoided cooperating with the police investigation by making excuses and repeatedly failing to appear when summoned, leaving Jeju and staying in another region. The police obtained an arrest warrant on the 24th and arrested A in Daegu the following day. During the police investigation, A reportedly stated that "he lost the money received from students and parents by investing it in cryptocurrency."