Simultaneous Relationships with 19 Women... Man Caught Swindling Billions by Posing as a Lover

Swindling Money Under the Guise of Romance and Investment
Covering Refund Demands with a Ponzi Scheme

A man in his 40s who posed as a romantic partner and lured victims into stock investments, swindling billions of won across the country, has been apprehended by police.

On July 19, the Ilsan Seobu Police Station in Gyeonggi Province announced that it had detained and referred a man in his 40s, identified as Mr. A, on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

Mr. A is accused of forming romantic relationships with women in their 40s and 50s in various locations nationwide?including Goyang and Paju in Gyeonggi Province, Mapo in Seoul, Busan, and Uljin in North Gyeongsang Province?and then defrauding them of billions of won under the pretense of stock and real estate investments.

According to the investigation, Mr. A disguised himself as a wealthy individual by driving luxury foreign cars and wearing designer clothes. He approached women living alone through local community groups or entertainment venues and established relationships with them. After moving in together, he reportedly obtained access to the women’s bank accounts and mobile phones under the guise of investment, and then embezzled their money.

It is reported that Mr. A maintained simultaneous romantic relationships with multiple victims, receiving funds under the pretense of investment and transferring money from one victim to another to maintain trust. He persuaded victims by claiming, "You can make profits through stock investments," and when some victims demanded their money back, he repaid them using funds received from other victims?a so-called Ponzi scheme.

Mr. A's fraudulent activities were uncovered on July 7 in Ilsanseo-gu, Goyang, Gyeonggi Province, after a report was filed stating, "My daughter appears to have been kidnapped by her boyfriend." Police tracked the whereabouts of a woman in her 40s, identified as Ms. B, and confirmed that she had traveled with Mr. A to Gumi, North Gyeongsang Province. With cooperation from the Gumi Police Station, they located the pair at around 6:15 p.m. on July 10.

During the police investigation, Ms. B stated, "I was not kidnapped; I followed him because I loved him." However, Mr. A was already the subject of dozens of complaints for fraud involving romantic relationships, and an arrest warrant had been issued.

Mr. A also gained Ms. B’s trust by showing her a fake apartment listing under the pretense of marriage and had her transfer 120 million won to an account in her parents' names, which he then embezzled. It was confirmed that this money was subsequently transferred to another victim, a woman in Paju, whose losses amounted to 550 million won.

Police believe that even while dating Ms. B, Mr. A continued to form relationships with other women, repeatedly disappearing and reappearing to continue his crimes. So far, 19 victims have been identified, with total damages estimated in the billions of won.

A police official stated, "Some of the victims did not even know Mr. A's real name until he was arrested," adding, "We plan to continue the investigation even after his detention and referral to the prosecution."