Separate Fraud Case Also Under Trial
An association official has been arrested for embezzling several billion won by exploiting the implementation rights of the Pungdeok District urban development project in Suncheon, South Jeolla Province.
The Second Anti-Corruption and Economic Crime Investigation Division of the South Jeolla Provincial Police Agency recently announced that it had arrested association official A on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
In 2021, A is accused of embezzling approximately 3 billion won from two companies by promising to select them as apartment construction operators for the Pungdeok District development project.
Investigations revealed that after receiving money from one company, A demanded additional money from another company. It was reported that both companies realized they had been deceived during the operator selection process.
Separately, A is also on trial for allegedly receiving bribes from a construction contractor in collusion with the association president and others.
Meanwhile, the Pungdeok District urban development project involves the construction of multi-family housing for 2,500 households and cultural facilities on a 550,000-square-meter site in the Pungdeok-dong area. Landowners have formed an association and are promoting the project through a land readjustment method.
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