Man in His 40s Arrested for 'Investment Fraud' Targeting Over 20 Women Nationwide

A man in his 40s, who formed romantic relationships with over 20 women across the country and defrauded them of billions of Korean won, has been apprehended by the police.

This man allegedly approached women under the pretext of helping them earn money through investments and developed romantic relationships, ultimately swindling a total of 680 million won.

The Ilsan West Police Station in Gyeonggi Province announced on the 19th that they have transferred the suspect, identified as A, for arrest on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

A is suspected of committing investment fraud against women across various regions, including Goyang, Paju, Seoul, and Busan.

Disguising as a Wealthy Individual… Targeting Women Living Alone

According to police investigations, A dressed in luxury clothing and drove an imported car to pose as a wealthy individual. He primarily targeted women in their 40s and 50s who lived alone in local communities and entertainment venues.

After building romantic feelings with the women, A deceived the victims into transferring money by claiming, "If you create an account in your name, I will provide profits from stock investments."

Notably, A continued his fraudulent activities by using a "Ponzi scheme" tactic, transferring money received from one victim to another as if it were investment profits. To date, it has been confirmed that there are at least 19 victims.

"Reported that Daughter Was Kidnapped" Led to Discovery of Crimes… Arrest in Gumi

A's crimes came to light when a report was received on the 7th stating, "It seems my daughter has been kidnapped by her boyfriend."

At that time, A was in the process of fleeing to Gumi, North Gyeongsang Province, along with another victim, a woman in her 40s identified as B. The police apprehended A after three days of tracking on the 10th at a lodging facility in Gumi.

However, B stated, "It was not a kidnapping; I went voluntarily."

Investigations revealed that A had also defrauded B's family out of 120 million won using the same method and that this money had been transferred to another victim in Paju (with a loss amount of 550 million won).

To avoid detection, A used aliases and demonstrated meticulousness by only using cash during his escape.

The police believe that while A was involved with B, he maintained multiple romantic relationships with other women and continued his fraudulent activities. Some victims reportedly did not even know A's real name until he was arrested.

Image source: Reference materials for understanding the article / gettyimagesbank