Police Conduct Simultaneous Raids... Accelerating Investigation into Speculation Allegations

Police Report Center Also Established

[Asia Economy Reporter Lee Gwan-joo] The police investigating allegations of speculation in the 3rd New Town areas accelerated their forced investigations on the 15th by conducting simultaneous raids.

The Special Investigation Unit for Real Estate Speculation Crimes of the Southern Gyeonggi Provincial Police Agency sent 24 investigators to conduct raids at five locations, including the homes and offices of City Council member A of Siheung City, affiliated with the Democratic Party of Korea, and public official B of Gwangmyeong City Hall, on the morning of the same day. Earlier, the Judicial Examination Preparation Group (Sajunmo) filed a complaint with the police, alleging that Council member A and her daughter purchased land in the Gwarim-dong area of Siheung City, Gyeonggi Province, a planned development site for the 3rd New Town, and constructed commercial buildings to gain speculative profits. The complaint also involved B, who caused controversy after it was revealed that in early July last year, he purchased 793㎡ of forest land in Gahak-dong, Gwangmyeong City, Gyeonggi Province, jointly registered under his name and three family members, for 430 million won.

The Northern Gyeonggi Provincial Police Agency also dispatched 14 investigators at the same time to conduct raids at the workplace of senior public official A at Pocheon City Hall and his residence in Pocheon City. A, who was in charge of the urban railway extension project, is suspected of speculation after borrowing 4 billion won through unsecured and secured loans to purchase land and buildings near the planned railway station site. The Busan Police Agency conducted a raid on Busan Urban Corporation regarding speculation allegations. The police explained that they initiated an internal investigation on former employee A, who was in charge of bidding for urban development project sites, on suspicion of bidding personally to gain price differences. A is also accused of obstructing the corporation’s bidding operations by arbitrarily modifying documents when funds were not secured.

On the 9th, the police conducted raids at the LH headquarters in Jinju, Gyeongnam, the LH Gwacheon-Uiwang Project Headquarters in Gwacheon, Gyeonggi Province, the LH Gwangmyeong-Siheung Project Headquarters in Gwangmyeong, and the homes of 13 employees suspected of speculation. The police are expected to summon LH employees for questioning once the analysis of contents stored on mobile phones is completed.

The police have established a ‘Police Reporting Center’ to investigate allegations related to speculation in the 3rd New Town. The center is headed by a senior superintendent and staffed by five specialized counseling officers who handle consultations and reports. For prompt and accurate consultations, a direct phone number (02-3150-0025) has been set up. The reporting center operates from 9 a.m. to 9 p.m. on weekdays and from 9 a.m. to 6 p.m. on Saturdays. The main targets for reporting include ▲illegal use of internal information by public officials or public institution employees ▲real estate speculation activities ▲disruption of the real estate market, among others.

This content was produced with the assistance of AI translation services.