A retired labor union member at a prominent company in Ulsan has been arrested for fraud, police said Wednesday, after he allegedly convinced others to pay him in exchange for getting jobs for their children at the company.

Officials of the Ulsan Metropolitan Police Agency had the suspect, in his 60s, arrested and forwarded his case to the prosecution for fraud. He is accused of swindling a total of 500 million won ($363,000) from three acquaintances from March 2017 to January 2024, promising to get jobs for the victims' children at the company.

The suspect served multiple terms as a high-ranking official at the labor union of the company. He told the victims that he is close with the current leadership of the labor union as well as the company's human resources team, and that he could get their children employed.

Police found that none of the victims' children had actually obtained employment at the company. The suspect spent most of the proceeds from the criminal activities on unsuccessful stock investments.

Officials requested an arrest warrant for the suspect on grounds that he is denying the allegations and that he had not compensated for any of the financial damages he inflicted.

Police uncovered the crime while investigating a similar fraud case by another former member of the same labor union. In that case, the suspect was accused of swindling 2.3 billion won from 30 people with the same promise of getting the victims' children hired.

The suspect in the other case died in an apparent suicide in March, after police launched their criminal investigation.