Gwangju police investigate 21 billion won investment fraud involving teacher

Police in Gwangju have applied for an arrest warrant for a woman in her 30s accused of orchestrating a 21 billion won investment fraud. The suspect, who allegedly impersonated a tax accountant, is accused of conspiring with a middle school teacher in her 40s to defraud 36 individuals.

The victims, many of whom are colleagues and relatives of the teacher, were reportedly promised high returns through investments in overseas funds and gold leverage funds. The suspect claimed to have lost the entirety of the stolen funds through failed index futures trading.

While the teacher claims to be a victim herself and has filed a complaint against the suspect, investigators are focusing on the potential collusion between the two. The Gwangju Metropolitan Office of Education is also conducting an internal investigation into the involvement of the current teacher.