Con artists defraud man by promising to ‘attract Imelda’s slush funds’

Lee, 45, facility manager for a building in Seoul’s Gangnam district, was struggling amid financial difficulties because he had yet to receive five-month salary in arrears around May 2012. While agonizing to overcome his difficult situation, he received an interesting offer from Park, whom Lee came to know through one of his acquaintances. Park, who came to see Lee with a colleague, said, “Slush fund worth hundreds of millions of dollars belonging to Imelda, the wife of former Philippine President Ferdinand Marcos, is being kept in accounts at the Bank of Korea.” Infamous for her addiction to shoes shopping, Imelda Marcos is considered the "symbol of extravagant lifestyle.”

Park said, “I know Chairman Park, who was commissioned with management of the slush funds. I have a plan to mobilize power elite in the political and business communities with the chairman, and please arrange the necessary expenses for us.” Park further suggested, “Let’s use a portion of the slush fund to purchase the building you are working at and then resell offices in the building.” Park and his accomplice even showed Lee a picture of their acquaintance who was introduced as the “chairman” posing with Imelda. With the hope to become the building’s owner, Lee handed over 100 million won (95,000 U.S. dollars) in expenses to Park, and used another 100 million won in drinking parties to entertain Park’s group.

Lee gave Park and his accomplice money through collateralized loans for his own apartment, fund for his younger brother’s wedding, and cash withdrawals from his family’s credit cards. However, he did not hear news for more than nine months that Park’s group succeeded in withdrawing the slush fund. Learning that he had been swindled, Lee filed compliant with police against the two men including Park. Gangnam Police Station said on Tuesday that it arrested on the charge of fraud the duo including Park, who defrauded Lee at the excuse of attracting funds from slush funds. A source at the police station said, “The slush funds that allegedly belong to Imelda did not exist. Completely shocked, Lee attempted suicide three times.”