Bellevue Police are reporting the arrest of a man who allegedly bilked several elderly people out of more than $400,000 by gaining their trust and borrowing the money for a business he never started with loans he never intended to repay.

U Hyon Yi reportedly befriended three elderly victims while performing odd jobs for them, later asking them for money to begin a construction business, according to a Wednesday BPD release. When asked for their money back, Yi allegedly told them the IRS had frozen his bank accounts over a tax dispute and that they would be repaid once the issue was resolved.

Bellevue detectives began an investigation in late 2012, when the executor of a victim’s estate notified authorities about suspicious fund transfers to Yi’s bank account. After identifying two other victims and working with Kirkland Police, Yi was arrested in February, when he is alleged to have admitted to stealing $250,000 from the victims.

Police encourage anyone who suspects they may have been involved in the scam to call the BPD tip line at 425-452-2564 or pdtipline@bellevuewa.gov.