False Contracts Charged in Multibillion-Loan Fraud Conspiracy

Company A was entrusted with the marketing and sale of 100 commercial buildings worth tens of billions of won. However, due to poor sales, the company was asked to recover the loan, and eventually decided to sell them all at a discount of about 60% from the initial sales price. Upon learning of this, CEO B conspired with real estate agents and loan brokers to extort loans from financial institutions by creating false sales contracts that inflated the sales price. The client, who was in charge of practical work as a deputy director of Company B, drew up a false sales contract under the direction of Representative B. The conspirators, including real estate agents and loan brokers, used it to apply for mortgages from banks and other financial institutions, and received a total of 10 billion won in remittances from the deceived victims. In addition, Company B decided to sell the shopping mall purchased for 10 billion won to D for 10 billion won, but drew up a false sales contract as if it was sold for 300 billion won and submitted it to the bank.