Former colleague sentenced to 7 years for defrauding victim of $1 million for gambling debts

A shocking case of betrayal and financial ruin has unfolded in South Korea, where a 60-year-old woman has been sentenced to seven years in prison for defrauding a former colleague of a staggering 1.4 billion won (approximately $1 million USD). The accused, who had maintained a friendship with the victim for over two decades after working together at the same school, systematically exploited the victim's trust and kindness.

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I need urgent funds; I'll repay the money I borrowed before, plus this amount.

Over a period of nearly two years, from December 2022 to October 2024, the accused preyed on the victim's empathy, fabricating stories about needing funds for various reasons, including apartment deposit returns and proceeds from selling inherited property. She even went as far as suggesting methods for the victim to secure funds, such as using credit card cash advances and opening lines of credit. The victim, a retired teacher who had diligently saved for her retirement, was driven to take out loans, unable to refuse her former colleague's increasingly desperate pleas.

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My daughter's studio apartment deposit will be returned soon.

Investigations revealed that the accused was already burdened by substantial debts and was reportedly paying over 10 million won weekly in interest on private loans. The vast sums of money obtained from the victim were primarily used to service these debts and, disturbingly, were squandered at casinos. Records show the accused frequented casinos multiple times a month, even visiting them on days she was under police investigation for the fraud.

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It's the limit now, I can't help anymore. I received a loan maturity notice and had to extend it again.

Both the first and second trials handed down a seven-year sentence, citing the immense scale of the fraud, the calculated methods employed, and the accused's lack of remorse or restitution. The courts emphasized the devastating impact on the victim, who lost her entire retirement savings and continues to face significant financial burdens due to ongoing loan interest payments. The severity of the sentence reflects the gravity of the crime and the profound breach of trust involved.

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The victim lost all the funds she had prepared for her retirement after working as a teacher for over 40 years and appears to be paying over 6 million won in interest monthly.