Defendant shall be punished by imprisonment for not less than two years and six months.

Punishment of the crime

The Defendant is a representative director of B Co., Ltd. (hereinafter “instant company”) established on June 5, 2017 for the purpose of real estate development and development agent business.

The Defendant was not delegated by D, the owner of land 1,392.6 square meters in Songpa-gu Seoul Metropolitan Government (hereinafter “instant land”), with respect to the new construction of 90 households of urban residential housing with 4 underground floors and 20 stories above the instant land on the instant land (hereinafter “instant project”). However, around May 16, 2016, the Defendant obtained an agreement on vicarious development of land and buildings (PM) with the content of entrusting the establishment, etc. of the development project plan for the instant land to the Defendant, under the condition that “I use the land for the purpose of getting a developer capable of having legal capacity to pay the construction cost directly.”

The Defendant, around May 10, 2017, at the office of the victim H located in Songpa-gu Seoul F building G, the Defendant did not have been delegated with the instant project from D, the owner of the instant land, as above, and was delegated with the limited contents that would result in the developer with the ability to fully bear the development costs of the instant project from E. As such, even if the Defendant received investment money from the victim, the Defendant was in possession of the “Agreement on Land and Building Development (PM)” in the said E’s name without the intent or ability to proceed with the instant project with the victim. As such, the Defendant presented it to the victim, who was delegated to the instant project by E, the owner of the instant land.