Court Sentences Man To 12 Years In Jeonse-Related Fraud Case

According to Yonhap, an Incheon court sentenced a 60-year-old man to 12 years in prison for fraudulently obtaining more than 8 billion won ($5.45 million) by inducing a victim to lend money against a multi-housing unit that had no collateral value. The Incheon District Court said the man forged 107 documents to make the property appear occupied by monthly rent-paying tenants, when it had actually been leased under South Korea's jeonse deposit system. The victim, believing the papers were genuine, lent 8.22 billion won in 119 transactions between 2021 and 2022. The man was convicted under the Act on the Aggravated Punishment of Specific Economic Crimes, which allows a penalty of up to life imprisonment.