A person in his 50s accused of fraud for ‘borrowing 900 million won and disappearing’ will not be transferred… Efforts to repay such as interest remittance

The police decided not to send a man in his 50s, who was booked on charges of fraud after borrowing money from acquaintances and disappearing without paying back, due to the fact that he had made efforts to repay the debt.

According to the legal community on the 14th, the West Police Station in Yongin, Gyeonggi Province decided not to forward Mr. A, a man in his 50s, who was booked on fraud charges on the 3rd of last month. Mr. A was accused of borrowing approximately 900 million won from two acquaintances for business management over a two-year period starting in 2015, and then disappearing without being able to repay the entire amount.

At the police, Mr. A denied the charges, saying he had no intention to defraud. He wrote an IOU and repaid the debt by paying principal and interest, but as his health deteriorated, he inevitably reached a situation where he could no longer repay the debt. Mr. A also claimed that he had no intention of lying about his financial situation because his acquaintances, with whom he had maintained a close relationship for a long time, were fully aware of his financial situation.

The police confirmed that Mr. A had paid interest several times to his acquaintances who were creditors and that he had actually used the borrowed money for business operating expenses, and determined that Mr. A was not guilty of fraud. Also, considering the relationship between Mr. A and his acquaintances, it was difficult to see that Mr. A deceived his acquaintances even though he had no ability or intention to repay.

Attorney Kim Young-min of Daeryun Law Firm, who represented Mr. A, explained, "If there was an intention and ability to repay at the time of borrowing, even if the repayment was not made, it would only be a civil default and not a fraud. We deemed that there was no charge because Mr. A demonstrated his intention to repay by emphasizing the fact that he was paying the principal and interest for the loan."

Reporter Jeong Cheol-wook

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A 50-year-old accused of ‘borrowing 900 million won and disappearing’ fraud not sent… Efforts to repay, including interest remittance (link)