Two Men Arrested for Real Estate Scam Targeting Young Victims in Seoul

On July 22, 2025, the Mapo Police Station in Seoul announced the arrest of two men in their 30s for defrauding 51 victims out of 350 million KRW (approximately $300,000) through fake real estate listings on the second-hand trading app, Danggeun Market (당근마켓). Most of the victims are young adults born in the 1990s and 2000s, with the fraudulent listings featuring properties near universities and subway stations, primarily in the Mapo and Yongsan districts. The police revealed that they have only conducted a forensic analysis on one suspect's phone so far, suggesting that the total amount defrauded could increase as further investigations continue.

The suspects, identified as A and B, were charged with violations of the Sexual Violence Punishment Act and attempted fraud. They allegedly posted low-priced fake listings from February to June, using addresses, photos, and access codes provided by an accomplice. Posing as real estate agents or landlords, they instructed interested victims to view the properties themselves, claiming they were too busy to meet.

Contracts were signed electronically through a platform that allows remote agreements, and the deposits were collected via burner phones. The money received was laundered through a criminal organization, converting it into cryptocurrencies. Approximately 40% of the laundered funds went to the main suspect and accomplices, while 30% was retained by the money laundering organization, with the remaining portion going to the two arrested individuals.

Many victims were young professionals who were misled by the attractive rental prices, which ranged from 20 to 30 million KRW (about $17,000 to $25,000) for deposits and monthly rents of 500,000 to 600,000 KRW (around $420 to $500). Victims often discovered they had been scammed only on the day they were supposed to move in or after they had completed their residency registration, when they were confronted by the actual property owners. In one alarming incident, suspect A threatened victim C with the distribution of a digitally altered nude photo after C requested a refund of the deposit.

Detective Lee Ah-ram from the Mapo Police Station's Investigation Unit 1 warned that this type of scam is spreading nationwide. She urged the public to be cautious, stating that once money is funneled into a criminal organization, it is quickly laundered and difficult to recover. She advised potential renters to be skeptical of listings priced significantly below market value and to verify the identity and contact information of real estate agents through the Korea Association of Realtors. Additionally, she cautioned that discrepancies between the property owner's name and the bank account name could indicate the use of a fraudulent account.