Woman in her 30s conspires with teacher in W21b investment fraud

The Gwangju Metropolitan Police Agency's Anti-Corruption and Economic Crime Investigation Unit said Thursday it has applied for an arrest warrant for a woman in her 30s, identified only as A, on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

A is accused of conspiring with B, a teacher in her 40s at a Gwangju middle school whom she knew personally, to defraud 36 people of a combined 21 billion won ($15.3 million) under the guise of investment funds.

A allegedly deceived victims by promising returns on investments in overseas projects and funds.

Most of the victims are believed to be fellow teachers of B and their close family members.

Police launched the investigation after receiving multiple complaints against B. During the investigation, B claimed she was also a victim and filed a complaint against A with police.

A, who had posed as a tax accountant despite having no regular occupation, told police she had squandered the entire amount through failed futures index trading.

Police are continuing to investigate the full circumstances of the case, including whether A and B conspired together.

The Gwangju Metropolitan Office of Education said it is also working to verify the facts of the case, which involves a school employee.