"I'll Make You Rich" Man in His 50s Who Extorted a Huge Sum to Pay Off Loan-Shark Debt, 6 Years in Prison

Defrauded 4 People on Some 840 Occasions Using Investment Returns as Bait
Damage Amount About 4.6 Billion Won…"Low Likelihood of Damage Recovery Going Forward"

A woman who deceived acquaintances by promising to make them rich and took a huge sum of investment funds was sentenced to prison.

The Busan District Court's Eastern Branch 2nd Criminal Division announced on the 19th that it recently sentenced A, in her 50s, who had been indicted on charges including violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), to 6 years in prison.

A was accused of defrauding four people, including acquaintance B, of about 4.6 billion won on some 840 occasions over about a year in 2024, by recommending investment and deceiving them into believing she would give them returns.

The prosecution's investigation confirmed that at the time A was in a state of owing enormous debt of more than 1 billion won to loan sharks and others. The prosecution determined that A intended to use the money defrauded from the victims for so-called 'debt rollover' to pay off her own debts.

The court sentenced A to 6 years in prison. The court panel stated, "The defendant deceived the victims on numerous occasions over a considerable period," and "in light of the content, period, and number of the crimes, and the scale of damage, the nature of the offense is very grave."

It continued, stating its sentencing reasons: "To date, no settlement has been reached with the victims, and the likelihood of damage being recovered going forward also appears low," and "we comprehensively considered factors such as the fact that some victims are petitioning for severe punishment of the defendant."

Attorney Jeon Hyun-ju of Daeryun LLC, who represented B, explained, "This is a large-scale economic crime in which a huge sum was defrauded and used to pay off her own loan-shark debt," adding, "Amid a situation where the damage amount is enormous and even recovery is uncertain, by actively conveying to the court the viciousness of A's methods and the severe pain B is suffering, we drew out a prison sentence."

Reporter Baek Jae-hyun (itbrian@newsis.com)

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"I'll Make You Rich" Man in His 50s Who Extorted a Huge Sum to Pay Off Loan-Shark Debt, 6 Years in Prison (Go)