Jongno jewelry shop owner accused of defrauding customers of gold, savings worth over 10 billion won

The Seoul Metropolitan Police Agency has launched a direct investigation into allegations that a jewelry shop owner in Jongno-gu, Seoul, defrauded customers of gold and savings. The case was transferred from a local police station to the agency after claimed losses exceeded 10 billion won ($6.51 million) and a large number of complaints were filed.

The case was first filed at the Hyehwa Police Station in Seoul on June 3 and was recently transferred to the Seoul Metropolitan Police Agency, according to Yonhap News Agency.

At least 140 complaints have been filed so far, and the total claimed losses stand at more than 10 billion won.

Victims say the shop owner solicited them to deposit gold by promising dividends in return. Some are also reported to have entrusted the owner with savings. A messenger group chat for victims has drawn more than 190 members, suggesting the actual scale of losses could be even larger.

Seoul Metropolitan Police Agency Commissioner Park Jeong-bo said at a regular press briefing on June 15 that the suspect did not appear to have fled. "We are currently interviewing complainants, and the suspect has also retained legal counsel," he said.

Police plan to determine the full extent of the losses and the circumstances of the case through further interviews with complainants and analysis of related materials.