A man in his 20s was arrested for extorting money from two women after tricking them into thinking he was the heir of a "chaebol" family by using a high-end imported vehicle and luxury goods, said police Tuesday.

"Chaebol" refers to family owned Korean conglomerates.

According to the Busan Haeundae Police Station, the man, who is now facing charges of theft, robbery, extortion, and fraud, is suspected of imprisoning two women between June 9 and 16 in Seoul and Gyeonggi Province, forcibly taking their credit cards and cash amounting to 15 million won ($11,600).

The estimated amount spent using the stolen credit cards is approximately 20 million won.

The man approached the women by presenting himself as a member of a prosperous family, boasting about his family's businesses and the prestigious reputation they held in Chungcheong Province.

In an attempt to swindle the women, he utilized a rented imported car and donned luxury clothing to enhance his credibility. Once he gained their trust, he held them accountable for the expenses of repairing his car.

The suspect is also accused of extorting 1.5 million won from individuals operating unregistered rental accommodations in September of last year.

The police revealed that they stumbled upon his recent criminal activities while investigating crimes he allegedly committed last year, stating that they confiscated extravagant items worth 20 million won at the man's residence.