‘Jeoncheongjosik’ Scams Erupt Everywhere... Dark Secrets Hidden Behind Love [Economic Crime 24 Hours]

Developed into a romantic relationship, demanded investment funds
Extorted over 100 million won through dozens of calls

Park (pseudonym), a woman in her 30s, met Kim (then 33) at a bar in Ulsan in September 2022. The two quickly developed a romantic relationship after feeling mutual attraction at their first meeting. At first, their days were filled with happiness. However, Park's happiness did not last long. It began when Kim started demanding money from Park under the pretext of investment funds.

Kim claimed to be running a “daily loan business” and repeatedly persuaded Park that if she lent him money, he would return double the investment. Due to the continuous demands, Park initially gave Kim several hundred thousand won, and later, over a single month, handed over 150 million won in 14 installments, sometimes amounting to tens of millions of won. She even took out bank loans to cover the shortfall. Kim coaxed Park by promising to cover the loan interest himself.

After receiving the money, Kim began avoiding Park’s calls. Not a single won of the promised investment returns was repaid. Sensing something was wrong, Park reported Kim to the police in February 2023, and the Ulsan Ulju Police Station immediately launched an investigation.

When Park failed to respond to multiple summons, the police obtained an arrest warrant and pursued her. After two months on the run, Park was finally caught by the police. During the investigation, Park denied the charges, but the Supreme Court confirmed her prison sentence, and she is currently incarcerated.

Jung (pseudonym), a man in his 20s, met Joo (23) on a homosexual dating site in May 2022. Sharing similar inclinations, the two quickly grew close. Joo also began demanding money from Jung. Joo’s method of extorting money was the recently notorious “Jeoncheongjosik” scam, where the perpetrator pretends to be a chaebol (conglomerate) heir.

Joo deceived Jung by claiming, “I have a real estate lawsuit pending, and 24 billion won is tied up in a Swiss bank account,” adding, “Once the lawsuit is resolved, I will receive tens of billions of won.” Joo then asked Jung for money under the pretexts of lawsuit fees and private investigation costs. During this process, Joo used three mobile phones to play three roles by himself.

Believing he could handle a large sum of money, Jung willingly handed over funds. In total, Jung invested 170 million won in 77 installments to Joo. He gave Joo not only his own savings but also money borrowed from family, acquaintances, and even banks.

However, after extorting the money, Joo gradually stopped responding. When Joo continuously avoided contact, Jung filed a complaint with the Busanjin Police Station in September of the same year. As the police investigation began, Joo disappeared. The police tracked Joo for six months and finally caught him last April hiding in a rented room in Dong-gu, Gwangju. Joo’s scam, which involved evading police pursuit across Daegu, Gwangju, and Busan, came to an end.