"Government Has Underground Funds"... 60-Year-Old Man Sentenced to Prison for Embezzling Over 100 Million Won

A man in his 60s who deceived victims by claiming he could generate 30 billion won using government underground funds and swindled over 100 million won was sentenced to prison.

According to the legal community on the 24th, Judge Kim Jae-eun of the Seoul Southern District Court Criminal Division 13 sentenced Cho (66), who was indicted on fraud charges, to 1 year and 6 months in prison on the 16th.

In January 2022, Cho told his accomplice A, "There are government underground funds, and if we have 120 million won, we can make 30 billion won," adding, "If you bring an investor, we will give 10 billion won of the profits to the investor and share the remaining 20 billion won."

They told B, "If you invest 120 million won, we will pay back the principal of 120 million won that same evening, and on January 28, 2022, when 30 billion won is generated, we will pay 10 billion won from that amount and share the remaining 20 billion won," and drafted a dividend agreement and a loan contract.

B trusted them and handed over 120 million won. However, the government underground funds did not exist, and Cho and A did not repay the victim as promised nor pay the 10 billion won worth of funds. Previously, Cho was sentenced to 6 months in prison last June on fraud charges.

The court stated the sentencing reasons, saying, "Despite having a history of multiple punishments for similar crimes, he conspired with others to swindle 120 million won from the victim, the damage has not been restored, and the victim is pleading for severe punishment."