The defendant of "2014 Highest 1169" is the actual operator as the chairperson of Seocho-gu Seoul Metropolitan Government D 208 (ju) E, and F is the vice-chairperson of the above company, who is directly in charge of the development project.

The Defendant and F, while implementing the development projects of G and G in the Gwanak-gu in Seoul Special Metropolitan City, the Seoul Special Metropolitan City and the Young-gu H, consumed all of the KRW 500 million invested by the victim I on August 2012, and the funds were insufficient, again, to obtain a loan from the bank as security through the victim and raise the funds.

In fact, when the Defendants received money from a third party or used money from a third party for the development project, they did not have any revenue source until they start new construction of apartments within each development project area and sell them in lots, and around February 2013, H development project was suspended from the progress of the project since January 2013 because it did not bear a huge amount of expenses. G development project entered into a land sales contract only with a third party equivalent to the amount of 40% of the project site due to the failure to enter into a joint agreement with the Defendant’s company and the failure to pay the amount of money, and the failure to pay the money to repay the amount of money within two months, even if the Defendant was to receive the money from the bank as collateral for the apartment owned by the victim.

Nevertheless, at the beginning of February 2013, the Defendant and F made a false statement that “The Defendant and F will cancel the right to collateral security established on an apartment by repaying all the loans until April 10, 2013 at this time, so that the development project can be provided as collateral because it is well progress.”

The defendant and F belong to the victim as above, and they are provided as collateral from the victim with K Apartment 104 Dong 101, Yongsan-gu Seoul Metropolitan Government, which is owned by the victim, from one bank.