Woman in her 50s arrested for impersonation, 1.5 billion won fraud

A woman in her 50s has been arrested by police for committing fraud worth approximately 1.5 billion won using another person's identity. The woman was found to have been deceiving others with a stolen identity since 2011, using identification cards found on the street, and an investigation into her prolonged identity theft and fraudulent activities is ongoing.

From December 2018, she defrauded over 1.5 billion won from five individuals by falsely promising guaranteed principal returns and high interest on investments. The operation funds were maintained by a 'rolling' method, using victims' money to pay interest. When she could no longer return the principal, she disappeared in February.

Police tracked the suspect, who had been evading capture by exclusively using public phones and cash, and apprehended her at a goshiwon (a type of small room rental) in Gwangju Metropolitan City.