The Jeonju Wansan Police Station in Jeonbuk announced on September 15 that it is investigating a female gold exchange operator in her 40s, identified as A, on charges of fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes for swindling hundreds of millions of won under the pretext of gold investments.

A is accused of swindling 2.7 billion won from 14 victims by deceiving them with the promise that if they entrusted her with money, she would purchase gold when market prices were low, sell it at a higher price, and pay them the difference.

According to police investigations, A initially paid out returns to investors but stopped delivering the promised funds to victims starting in February of this year.

The investigation also revealed that A recruited investors using a Ponzi-style method of paying previous investors with funds from newer ones.

Police conducted a raid on A's home and office in July, and are currently investigating whether her husband, B, in his 50s, was an accomplice in the crime.

A police official stated, "Given the scale of the damages, we have formed a dedicated task force," adding, "We are proceeding with the investigation, including considering whether to apply for an arrest warrant for A."