BI arrests SK woman wanted for multimillion-dollar scam

The Bureau of Immigration (BI) has arrested a South Korean woman, Kim Jeonjung, wanted by Seoul police and Interpol for her alleged involvement in a multimillion-dollar rental investment scam.

Kim was apprehended at her residence in Parañaque City on February 18 by the BI Fugitive Search Unit, based on a request from the South Korean government.

BI Commissioner Joel Anthony Viado stated that Kim will be deported to face trial in South Korea and will be blacklisted, prohibiting her return to the Philippines.

She is the subject of an Interpol red alert issued on August 12 of the previous year, stemming from an arrest warrant by the Suwon district court in Korea for fraud allegations.

Korean officials allege Kim and her associates conspired to circumvent loan limits and gain ownership of multiple buildings by recruiting nominal trustees.

The suspects are accused of making victims sign lease agreements and using a non-capital gap investment method to acquire real estate without actual ownership.

They allegedly defrauded tenants of lease deposits amounting to 7.5 billion won, or more than US$5.2 million.