According to the Ilsan Western Police Station in Gyeonggi Province, the suspect, referred to as Mr. A, was sent to prosecution custody on July 19 for violations under the Act on the Aggravated Punishment of Specific Economic Crimes (fraud).
Mr. A allegedly approached women in cities including Goyang, Paju, Seoul, and Busan, claiming he could help them earn money through stock investments. He then developed romantic relationships with them and convinced them to open bank accounts under their names—into which they transferred large sums of money.
He meticulously crafted the image of a wealthy and trustworthy man by wearing luxury brands and driving foreign cars. He primarily targeted single women in their 40s and 50s through local communities and entertainment venues.
Authorities revealed that he used a classic Ponzi scheme tactic—taking money from one victim and transferring it to another to fabricate returns. At least 19 victims have been identified so far.
The scam came to light after a mother in Goyang reported that her daughter had been “kidnapped” by her boyfriend on July 7. The man had fled to Gumi, North Gyeongsang Province with another victim, a woman in her 40s referred to as Ms. B. Following a three-day pursuit, police arrested Mr. A at a motel in Gumi on July 10. Ms. B later stated that she was not kidnapped but had willingly accompanied him.
Despite this, Mr. A had already deceived Ms. B and her family out of 120 million KRW ($87,000 USD). This amount was traced back to another victim in Paju, who had been defrauded of a staggering 550 million KRW ($397,000 USD).
To avoid detection, Mr. A used fake names and only conducted transactions in cash during his time on the run. Some of his victims never even knew his real name until after his arrest.
Police believe he maintained multiple simultaneous relationships with different women, continuously exploiting their trust to fund his fraud. Investigations are ongoing to determine if more victims are involved.
Nate
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