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Busan criminal attorney, please help me.

Busan criminal attorney, I would appreciate your answer. A little while ago, someone said they would give me one million won in cash if I just lent them my bank account name, so I lent it briefly. Because I was in such urgent need of money, I lent it even though I knew it would be used illegally.. In the end, I received contact from the police saying that the account in my name had been used as a borrowed-name account for illegal gambling. Please tell me the severity of the punishment for a borrowed-name account and how to respond.

punishment for a borrowed-name bank account

Busan criminal attorney

voice phishing

Answer

Published: 2025-04-28

Author : Kuk Il KIM

Hello. I am a Busan criminal attorney.

It appears that you recently lent only your bank account name to another person, and as a result that account was used as a borrowed-name account, and you have received contact from the police about this.

Since you are concerned about the punishment for a borrowed-name account, I will provide an answer.

A borrowed-name account refers to an account in which, by misappropriating a third party's name, the actual user and the account holder differ.

They are often used mainly in crimes such as voice phishing and illegal gambling.

In particular, in illegal gambling, a borrowed-name account is used to manage or withdraw gambling funds.

If an account in your name was used as a borrowed-name account in illegal gambling and the like, you may be punished for a violation of the Electronic Financial Transactions Act.

As for the punishment for a borrowed-name account, the act of concealing or disguising unlawfully obtained property may be punished by imprisonment for up to 5 years or a fine of up to 30 million won.

In addition, the act of arbitrarily withdrawing money deposited into a borrowed-name account can be subject to collection of equivalent value, which is a punishment that confiscates the criminal proceeds or makes one pay their value.

In such a situation, a swift response is needed, and because laws related to illegal gambling are applied very strictly, it is important to prepare a specific response through a consultation with a Busan criminal attorney.

If it is confirmed that the account was used as a borrowed-name account, measures to avoid punishment under the relevant laws may be necessary.

We recommend that you thoroughly prepare the course of the case and your response method through the professional advice of a Busan criminal attorney.