In Gwangju, a woman in her 30s, the key suspect in a more than 21 billion won investment fraud case involving a current middle school teacher, faces a detention warrant hearing. She was found to have approached people around her while posing as a tax accountant.
On the 3rd, the Gwangju Metropolitan Police Agency's Anti-Corruption and Economic Crime Investigation Unit said it had sought an arrest warrant for a woman in her 30s, identified as A, on suspicion of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and other charges.
A is suspected of taking a total of 21 billion won under the pretense of investment funds from 36 people around her, together with B, a middle school teacher in Gwangju who knows A (a woman in her 40s).
According to police, A was found to have deceived victims by saying she would return profits if they invested in overseas businesses or funds. Most of the victims were said to be B's fellow teachers or their family members and other close acquaintances.
Victims say A and others initially paid the promised revenue to induce additional investments, then continued the scheme by using new investment funds to pay back earlier ones.
Police launched an investigation based on multiple complaints filed against B. During the investigation, B claimed to be a victim as well and separately filed a complaint against A.
A, who was found to have no particular job, was found to have approached investors while posing as a tax accountant. During police questioning, A reportedly said the stolen money was used for futures index investments and that all of it was lost due to investment failures.
Police are checking the flow of funds and how the investment money was used, including whether A and B actually conspired to commit the crimes. Since this case involves a current teacher, the Jeonnam Gwangju City Office of Education is also identifying the relevant facts.
A detention warrant hearing for A will be held at the Gwangju District Court on the day. Whether A will be detained is expected to be decided late in the afternoon.