The judgment below is reversed, and the case is remanded to the Incheon District Court Panel Division.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. The intent of the crime of defraudation, which is a subjective constituent element of the crime of fraud, shall be determined by comprehensively taking into account the objective circumstances, such as the Defendant’s financial history, environment, details and details of the crime, and the process of transaction performance, unless the Defendant makes a confession. Meanwhile, the conviction should be based on evidence with probative value that leads to the conviction that the facts charged are true to the extent that there is no reasonable doubt. Thus, if there is no such evidence, even if there is a suspicion of guilt against the Defendant, the judgment should be made as the benefit of the Defendant, and the same shall also apply to the recognition of the criminal intent, which

(1) According to the reasoning of the lower judgment on October 14, 2005, and Supreme Court Decisions 2010Do14731 Decided December 23, 2010, etc., the lower court acknowledged the facts as indicated in its reasoning by comprehensively taking account of the adopted evidence. The lower court: (a) around the time of the instant facts charged, the Defendant almost carried out three projects, such as the two-way house construction project, the Pel construction project, and the E-management project; (b) the Defendant, without investing his own funds, raised funds from financial institutions or from bonds to prevent the lending of funds from being borrowed from the financial institutions or from being borrowed from the financial institutions; and (c) at the time, the Defendant, despite receiving approximately KRW 2.3 billion from the bank as collateral, was unable to resolve all debts related to the above electric power resource construction project; and (d) at the same time, with respect to the Pel new construction project, at least KRW 3 billion from August 23, 2007 to new construction of the building and its surplus funds.