Police identify suspect in Jongno jewelry shop fraud case involving 10 billion won

By Jung Joo-won, The Herald Business

Police have identified a suspect in a case involving the owner of a jewelry shop in Jongno-gu, Seoul, who allegedly absconded with customers' gold and investment funds, and are preparing to launch a full investigation soon.

A Seoul Metropolitan Police Agency official said at a regular press briefing Monday morning at the agency's Jongno-gu office that the case involves "a very large number of victims — around 146 people," adding, "We are treating this matter with the utmost seriousness."

"We have transferred the case to the wide-area investigation unit and begun the investigation," the official said. "The suspect has been identified, and we are actively reviewing whether to summon them for questioning. We expect the investigation to proceed shortly."

The case centers on the owner of a jewelry shop inside Hyosung Jewelry City in Jongno-gu, who allegedly collected gold and cash from customers before disappearing. Victims said they had entrusted their gold and money to the shop owner after being told they would receive returns or dividends in exchange.

The case was first reported to Hyehwa Police Station in Seoul on June 3 and was subsequently transferred to Financial Crimes Investigation Unit 1 of the Seoul Metropolitan Police Agency's wide-area investigation division. A total of 146 complaints have been filed to date, and total losses are estimated to exceed 10 billion won ($6.48 million).

More than 190 people have joined an open group chat where victims have gathered, and some have yet to file formal complaints, meaning the total damage could grow further.

Meanwhile, some victims staged a protest Monday morning in front of Hyosung Jewelry City in Jongno-gu, demanding compensation and a full accounting of the incident.