Hundreds busted in US$15 million housing loan fraud

SEOUL, April 6 (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.