EXCLUSIVE: "40% Return" Promised on Caravan Campsite Investment, But Only Weeds Remain

[Anchor]

The CEO of a well-known land investment firm has been referred to the prosecution on charges of fraud. The firm attracted investors by promising high returns from a caravan campsite, but the site where the caravans were supposed to be installed is now nothing more than an overgrown field.

Reporter Kim Minjun has the story.

[Reporter]

A seaside area in Seosan, South Chungcheong Province.

Three years ago, a person in their 30s, identified as A, was approached with an offer to invest in a caravan campsite planned for this location.

The pitch was that by covering the cost of purchasing a caravan, investors would receive a portion of the operating profits, yielding a 40% return on their investment.

[Consultant (Recording from 2023): We are currently pushing to open the (campsite) in July of next year. We expect the return rate to be around 40%.]

[A: (They said) it was 56 million won (per caravan) and that they could provide 2.4 million won in monthly (profits) for two years.]

A invested 7 million won, but contrary to the company's claims that profits would begin the following year, A has not received a single won even after three years.

This is the site where investors believed the caravans and camping cars would be installed.

While you can see the ocean, the surrounding area is covered in messy weeds, and the land has not been properly cleared.

The CEO of the firm is a well-known land investor in the industry who has authored books and held both online and offline lectures.

The firm also encouraged investments in forest land, claiming that if investors paid an initial investment, the company would change the zoning of its forest land to residential land, increasing the property value and generating profit.

[CEO of the firm: You can sell it for a short-term capital gain, or you can build a house on it. Why should we be working (laboring) right now?]

These investment solicitations took place at over a dozen locations across South Chungcheong Province, including Seosan, Taean, and Hongseong. The confirmed investment amount has reached 3 billion won, with about 30 investors involved.

The CEO was recently referred to the prosecution after being sued for fraud by investors. However, a post appeared on an online community early last month announcing that the CEO was holding another lecture to recruit new investors.

In response to SBS, the CEO claimed, "This situation occurred due to embezzlement by a business partner, and we are preparing to resume construction," adding that there was no intention to deceive investors.

However, the business partner in question stated, "I received a non-indictment decision regarding the embezzlement charges," and added, "I am also a victim."

(Video reporting: Joo Yong-jin, Kim Se-kyung | Video editing: Choi Jin-hwa | Graphics: Seo Seung-hyun)
※ Please note: This article was translated by AI and may contain errors.