Jeon Cheong-jo indicted for $2.3M fraud
Published: 01 Dec. 2023, 13:54
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- LEE SOO-JUNG
- [email protected]
![Jeon Cheong-jo speaks to reporters in front of the Songpa Police Station in eastern Seoul before being transferred to the prosecution on Nov.10. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/12/01/4f254f30-3548-49e6-b998-7cbefabf9b55.jpg)
Jeon Cheong-jo speaks to reporters in front of the Songpa Police Station in eastern Seoul before being transferred to the prosecution on Nov.10. [YONHAP]
Jeon, who impersonated a hidden heir to a well-known conglomerate and a major shareholder of a NASDAQ-listed company, and her supposed “bodyguard” swindled 3 billion won ($2.3 million) from 27 people, according to the Seoul Eastern District Prosecutors' Office.
Jeon has been detained since Nov. 3 for allegedly violating the Act on the Aggravated Punishment of Specific Economic Crimes.
The pair are said to have deceived victims by promising to offer a “conglomerate-exclusive” investment opportunity.
Jeon also faces forgery charges.
![An image posted to Nam Hyun-hee's Instagram account showing Jeon Cheong-jo's forged ID. [SCREEN CAPTURE]](https://koreajoongangdaily.joins.com/data/photo/2023/12/01/31ac2e98-f531-4035-ad63-ed7772906dfb.jpg)
An image posted to Nam Hyun-hee's Instagram account showing Jeon Cheong-jo's forged ID. [SCREEN CAPTURE]
“Jeon impersonated the third-generation child of a Korean conglomerate family and acted like she could grant rare investment opportunities that commoners could never meet,” the prosecution said.
“With her bodyguard-pretender involved, this duo ripped off a huge amount of funds.”
More than 90 percent of the victims are in their 20s and 30s. Jeon targeted them through social media and by providing lectures about investment opportunities.
“Jeon maliciously appropriated the fact that her targets are mostly young and less experienced” the authority added.
Parents of students at Nam's academy were also impacted.
![Jeon Cheong-jo holds a cup with two bodyguards looking after her security. [JOONGANG PHOTO]](https://koreajoongangdaily.joins.com/data/photo/2023/12/01/52b82765-b9cd-40d8-8666-be9965847fa1.jpg)
Jeon Cheong-jo holds a cup with two bodyguards looking after her security. [JOONGANG PHOTO]
Jeon had introduced herself to targets as the scion of a Korean conglomerate. She invited victims to her leased property, where she purported to live an extravagant lifestyle, and gave them rides in a borrowed supercar.
She rented a Signiel Residence for three months and paid 35 million won per month.
She also booked and stayed at upper-class suites and penthouses in a five-star hotel, to which she invited her victims. The hotel is owned by the conglomerate family to whom she claimed to be related.
She hired bodyguards and journalist-pretenders to present herself convincingly. She occasionally used Konglish, a sublanguage where English expressions are mixed into Korean sentences, to be seen as a person who spent most of her time abroad.
The investigation found that the indicted bodyguard-pretender managed transactions of more than 2.1 billion won. The luxury car and Signiel Residence were leased under the bodyguard’s name.
The bodyguard even wrapped and decorated his credit card such that it appeared to be an exclusive card only available to high-net-worth individuals.
The bodyguard also acquired 200 million won from the swindled funds.
The prosecution will put their efforts into restoring victims’ damages and losses, as well as digging out any additional crimes committed by Jeon and her collaborator.
![Nam Hyun-hee in a white t-shirt, left and Jeon Cheong-jo in a black hoodie. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2023/12/01/1ebb568c-c17c-4f46-b860-affece3a99d0.jpg)
Nam Hyun-hee in a white t-shirt, left and Jeon Cheong-jo in a black hoodie. [NEWS1]
However, Nam has denied all of the accusations.
She has claimed that she was one of Jeon's many victims and filed a complaint against Jeon and Jeon’s mother on Oct. 31. She also voluntarily surrendered luxury items, including a designer bag and a Bentley SUV she'd received from Jeon, to the police.
BY SHIN HYE-YEON, LEE SOO-JUNG [[email protected]]
with the Korea JoongAng Daily
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