Kim Hyun-jae, chairman of "K-Samheung," a real estate company that stole more than 500 billion won in investment from thousands of investors, has been put on trial in custody.
The Seoul Central District Prosecutors' Office handed over three people, including Chairman Kim and executives, to trial on charges of fraud, violation of the Act on the Regulation of Similar Receiving Acts, and violation of the Door-to-Door Sales Act, and indicted one major sales manager without detention.
Chairman Kim and others are accused of stealing 520 billion won from more than 2,200 victims, saying they can buy land to be developed by the government in advance and make profits from land compensation later since 2021.
Most of the investment was used as a "turn-off" method, which was paid to previous investors in the name of principal and profits, while the rest was spent on corporate vehicles or employee incentives.
Chairman Kim has been sentenced to three years in prison and a fine of 8.1 billion won for stealing about 30 billion won in investment and company money in the same way in the past, and it is known that there have been 39 criminal cases such as fraud.
Prosecutors are continuing their investigation into another 18 salespeople handed over by police.
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