A defendant shall be punished by imprisonment for not less than one year and six months.

Punishment of the crime

The Defendant paid 400 million won to the owner F of the said project site as down payment out of the total purchase amount of KRW 9.7 billion and paid 10.7 billion to the owner F of the said project site as down payment or the intermediate payment for the purpose of concluding a sales contract with the amount of KRW 10.7 billion. The Defendant was able to pay part of the purchase price of the said land and business expenses only with the funds induced by the victims or financed by the victims, and the capability to maintain the collateral trust for the said project site is not sufficient. Accordingly, the Defendant continued to operate the project without its own capital or funds.

Nevertheless, the Defendant, at the “H” sales office located in Gangnam-gu Seoul Metropolitan Government on June 1 through 7, 2012, shows two false receipts to the effect that on January 14, 2009, the Defendant paid the said F the sum of KRW 4.5 billion in total as one copy of the false real estate transaction agreement that the Plaintiff purchased the said land from the said land owner in the amount of KRW 1.1 billion and the total purchase price of KRW 10.7 billion, and the said sum of KRW 4.5 billion in the form of the down payment and the intermediate payment, and “the land was secured by the payment of KRW 10.5 billion in the purchase price for the 10.7 fake project for the E hotel new construction project, and the PF loan will be set up around August 8 through 9, 2012, and if the prop does not pay any balance by the end of June 2012.

The phrase “nicking investments and lending funds” was false.

As such, the Defendant deceiving the victims as such, and thereafter, from November 7, 2012 to November 27, 2012, the victim I would have a total of KRW 210,000,000,000 from the victim J to the victim J around August 1, 2012.