'Queen of Real Estate' CEO on Trial for Alleged 2.3 Billion Won Fraud

A former real estate guru, once hailed as the 'Queen of Real Estate,' is now facing fraud charges for allegedly swindling investors out of millions. The CEO of a real estate academy lured individuals with promises of guaranteed 100% annual returns on property development projects.

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I will provide 100% return within a year.

Prosecutors claim the CEO collected approximately 1.88 billion won from 18 victims, including a woman who invested 50 million won and another who lost her life savings of 80 million won. The funds were allegedly used to repay other debts and cover business expenses, a practice described as a 'money-go-round' scheme, with no concrete development plans in place. One victim, diagnosed with a brain tumor, recounted being unable to even secure funds for surgery despite pleading for her investment back.

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Please give me back the money for surgery.

Victims secured a default judgment for their investment principal and interest, but their hopes of recovery were dashed when the CEO subsequently filed for both corporate and personal bankruptcy. This leaves victims in a precarious position, with little recourse to reclaim their lost assets. Meanwhile, the real estate academy has rebranded, raising fears among victims that the CEO may be preparing to launch new courses and potentially ensnare more unsuspecting individuals.

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I have never shown them receipts for where the money was spent.

The accused CEO denies the allegations, stating that investment funds were not used for personal debts and that she will present objective evidence. She claims the legal proceedings were difficult due to personal health issues and corporate bankruptcy filings. However, victims remain distressed, with many having lost life savings intended for crucial life events like their children's weddings or retirement.

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I did not use investment funds for personal debt, and I will clarify this with investigative agencies through objective evidence.