The Bureau of Immigration (BI) has apprehended Kim Jeonjung, a 30-year-old South Korean woman, for her involvement in a multi-million dollar real estate investment scam. This scheme defrauded tenants and amassed lease deposits totaling 7.5 billion won, or over $5.2 million.
Kim was arrested on February 18 at her residence in Parañaque City by the BI’s fugitive search unit. Currently, she is detained at the BI Warden’s Facility in Camp Bagong Diwa, Taguig City, awaiting deportation proceedings as she is overstaying in the Philippines since her last entry on December 21, 2023.
Immigration Commissioner Joel Anthony Viado stated that Kim's arrest came after a request from the South Korean government, which had issued a warrant for her arrest on charges of fraud. Viado added that Kim would face trial in her homeland before being deported and blacklisted from re-entering the Philippines.
Authorities in South Korea allege that Kim and her associates recruited nominal trustees to circumvent loan restrictions and gain actual control of multiple properties. They manipulated victims into signing lease agreements and employed a non-capital gap investment strategy to acquire real estate without legal ownership.
An Interpol red notice was released on August 12, 2024, following a warrant from the Suwon district court in South Korea. Once the legal processes are complete, Kim will be deported and barred from returning to the Philippines.
