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Fraudster behind bars after fleeing with 2.4 billion won in cash and gold

Published: 24 Feb. 2026, 15:47 Updated: 24 Feb. 2026, 16:04

SHIN MIN-HEE
[email protected]

An employee arranges gold bars at a jewelry shop in Jongno District, central Seoul, on Jan. 21. The image is unrelated to the story. [NEWS1]

A man has been taken into custody on charges of fraud after allegedly fleeing with 2.4 billion won ($1.66 million) worth of gold and cash entrusted to him by customers while working at a jewelry store in Jongno District, central Seoul.

The Seoul Central District Court issued a detention warrant for the suspect, surnamed Lee, on Monday following a pretrial detention hearing, citing concerns that he could destroy evidence or flee.

Lee is accused of taking gold products that customers had left for crafting, as well as cash they had sent in advance for him to purchase gold bars on their behalf, before taking off from the store at around 6:30 p.m. on Feb. 12.

After the case was reported in the media, Lee voluntarily appeared before police on Saturday and was arrested. Hyehwa Police Precinct, which has been investigating the case, applied for a detention warrant on Sunday, and the Seoul Central District Prosecutors’ Office filed the request the same day.

Lee was initially believed to be the owner of the jewelry store, but investigators later confirmed that he was an acquaintance of the owner.

More than 30 people have so far claimed to have suffered losses in the case. While confirmed damages currently stand at around 2.4 billion won, the total amount is expected to rise as additional complaints are filed.

BY SHIN MIN-HEE [[email protected]]