Hundreds busted in $15m housing loan fraud in South Korea
Housing loan regulations
Seoul - Yonhap
Prosecutors said Monday they have charged hundreds of people with swindling a combined 16 billion won (US$14.7 million) from banks and a state-run company by exploiting holes in the country's housing loan program for low-income people.
The Seoul Southern District Prosecutors' Office said more than 120 people, including the suspected ring leader surnamed Seo, have been put under custody for allegedly playing a central role in the scam.
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