"The Youngest Son of a Yeosu Anchovy Tycoon"... The Identity of the 'Fake Rich Man' Who Swindled Golfers Out of 10 Billion Won

[Financial News] A man who allegedly posed as a wealthy individual with assets worth hundreds of millions of won and as the so-called "youngest son of an anchovy tycoon" while building relationships at golf courses has been reported to police for allegedly fleeing after taking large sums of investment money. Victims estimate their total losses at more than 10 billion won and are tracking down the man's whereabouts.
According to a recent report by JTBC's "Sageonbanjang," Mr. A approached people at golf courses across Gangwon Province, introducing himself as "the youngest son of a family that operates a large anchovy fishing fleet and processing plant in Yeosu, South Jeolla Province."
Mr. A flaunted his wealth by wearing expensive luxury watches and gold bracelets and showing people videos of bundles of cash. He frequently won favor by giving acquaintances presidential commemorative watches, luxury bags and high-end abalone. After winning a local amateur golf tournament in Gangwon Province, he donated the prize money and was featured in a local newspaper, building an image as a "big-hearted and trustworthy businessman."
For about two years, he played golf almost every day with local influential figures and elders, building a strong network of connections. Through introductions from these acquaintances, he solicited investments by telling people, "I operate two anchovy-fishing boats and a processing plant. If you invest in an anchovy distribution business, I guarantee high returns." He initially paid the promised returns regularly to build trust, then gradually increased the amount of money invested—a so-called Ponzi scheme, or multilevel financial fraud.
However, all payments of returns were halted this year. Each victim reportedly lost anywhere from tens of millions to hundreds of millions of won. One victim said, "I lost about 280 million won," while another reportedly took out a mortgage to invest and was left deeply in debt, suffering from severe depression.
After suspecting fraud, the victims kept watch through the night and tracked down Mr. A themselves before confronting him. An identity check revealed that he was not "a Mr. Park" from Yeosu, but "a Mr. Yang" from Cheonan, South Chungcheong Province. His name, age and place of origin had all been falsified.
When his identity was exposed and the situation grew tense, Mr. A appeared to act quickly by calling 112 himself and reporting, "I am subject to a suspended prosecution, but I will turn myself in." He was taken to the police station for questioning with his consent, but disappeared immediately after being released, taking his belongings with him. The specific circumstances of his release have not yet been determined.
Mr. A is also suspected of approaching married women under the pretext of providing golf lessons, engaging in inappropriate relationships with them and demanding money. Many of the women who were allegedly victimized have concealed what happened out of concern that their private lives could be exposed. One woman said, "I am more afraid that private videos remain on his phone and could be distributed than of the financial loss."
Victims across the country have filed successive police complaints against Mr. A on charges including fraud under the Act on the Aggravated Punishment of Specific Crimes. Because the affected areas include Gangwon Province and Yeosu in South Jeolla Province, among others, the investigations are expected to be consolidated and handled by the competent police authorities.


[email protected] Moon Young-jin Reporter