Developer Accused of Fleeing with 1 Billion Won in Apartment Deposits; Police Investigate

A representative of an apartment development company is under police investigation for allegedly absconding with approximately 1 billion won in contract deposits. The accusations surfaced after the representative, identified as Mr. A, failed to secure the promised apartment sales permit by the end of last month, as he had assured potential buyers. He allegedly took contract deposits and then disappeared, despite having issued written guarantees to return the funds.

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The city has identified a total of 57 victims, with damages amounting to approximately 1.5 billion won.

As of Thursday morning, 27 fraud complaints have been filed with the Gunsan police. The police are currently consolidating the information to determine the exact scale of the financial damages. The Gunsan city government has also referred the case to the police, stating that their own assessment indicates 57 victims and damages totaling around 1.5 billion won.

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Complaints are continuously being filed, so the exact number of victims and the amount of damages may change.

A police official noted that the number of victims and the total amount of damages could change as more complaints are received. Due to the ongoing investigation, further details could not be disclosed.

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As this is a matter under investigation, we cannot disclose further details.