The police are investigating a man in his 50s who allegedly deceived a fellow school parent by claiming that investing in copper and brass would yield high profits, and subsequently swindled 40 million won.
According to an Asia Economy report on the 31st, Mr. A (in his 50s) is suspected of defrauding Mr. B (in his 40s) of 40 million won last September by falsely promising, "If you invest in copper and brass, you will earn more than double your investment."
It is reported that Mr. A and Mr. B are both parents of students on the middle school athletic team.
Mr. A allegedly told Mr. B, "If you invest 40 million won, you can buy copper and brass from the factory at 5,500 won per kilogram, sell it to a dealer, and receive your investment plus a profit of 92 million won after one week."
Between September 5 and 13, Mr. B deposited a total of 40 million won?20 million won for copper and 20 million won for brass?into the account of Mr. A's child at his request.
When Mr. B pressed for repayment, Mr. A reportedly claimed, "I cannot repay the investment in copper and brass, and I am also unable to pay because I have not received payment for interior construction work."
Mr. B filed a fraud complaint against Mr. A on the 29th.
An official from the Nonsan police stated, "Since the complaint is under investigation, we cannot disclose further details."
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