At the start of 2022, Nan Ming-ji, a 40-year-old with Chinese citizenship, moved with his parents into a home in Ansan, Gyeonggi Province. The family put down a 140 million won ($104,000) deposit — money his parents had saved since arriving in Korea two decades ago. It was no small sum. But under the country’s distinct “jeonse” system, such large upfront deposits have long been the norm. Instead of paying monthly rent, tenants put down a lump sum that is returned in full when the lease ends. For landlords, the deposits provide access to a large pool of capital they can invest or earn interest on. In October 2023, Nan’s father found a notice saying their home was being put up for auction. Just weeks later, the family learned that their landlord owned several other buildings in his wife’s and brother-in-law’s names. Those properties, too, had been flagged for auction. The family had fallen victim to a form of jeonse fraud that has spread rapidly across Korea over the past decade. Some landlords used deposits from multiple tenants to acquire properties with little of their ow