Daegum Forms 'Real Estate Speculation Crime Investigation Cooperation Team' to Support LH Investigation... Direct Investigation of '6 Major Crimes'

An information notice related to the meeting of the special metropolitan prosecutors in charge of real estate speculation was posted at the Supreme Prosecutors' Office in Seocho-gu, Seoul, on the 15th. Photo by Moon Honam munonam@

[Asia Economy Reporter Choi Seok-jin] The Supreme Prosecutors' Office has established the 'Real Estate Speculation Crime Investigation Cooperation Team' to support police investigations into allegations of speculation involving employees of the Korea Land and Housing Corporation (LH) related to the 3rd New Town development project.

The prosecution plans to directly investigate cases transferred from the police if any of the six major crimes that prosecutors can initiate investigations on, or crimes directly related to the case, are discovered.

On the 15th, the Supreme Prosecutors' Office held a 'Meeting of Chief Prosecutors in Charge of Real Estate Speculation Crimes,' chaired by Lee Jong-geun, Head of the Criminal Division, to discuss efficient investigation measures for the 3rd New Town speculation allegations.

In addition to Chief Lee, the meeting was attended by Kim Bong-hyun, Head of Criminal Division 1, seven chief prosecutors in charge of real estate speculation from the Uijeongbu District Prosecutors' Office, Incheon District Prosecutors' Office, Goyang Branch, Bucheon Branch, Seongnam Branch, Ansan Branch, and Anyang Branch, which have jurisdiction over the 3rd New Town areas, as well as two prosecutors from the Supreme Prosecutors' Office Research Division.

The meeting discussed ▲ cooperation measures with the police ▲ plans for recovering criminal proceeds ▲ direct investigation measures for crimes where prosecutors can initiate investigations during the investigation of transferred cases ▲ and efficient investigation methods by crime type, according to the Supreme Prosecutors' Office.

As a result of the meeting, the prosecution decided to ▲ strengthen cooperation by frequently consulting with the police on necessary matters such as investigation directions centered on the dedicated investigation team and chief prosecutors, and promptly reviewing warrants ▲ thoroughly identify criminal proceeds from the initial stage and actively recover profits from speculative crimes through swift preservation measures ▲ actively conduct direct investigations by prosecutors when crimes subject to investigation initiation are found during the investigation of transferred cases, and handle transferred cases promptly and strictly.

Meanwhile, the Supreme Prosecutors' Office has established the 'Real Estate Speculation Crime Investigation Cooperation Team' to serve as a control tower for supporting investigations at frontline prosecutors' offices and cooperating with the police.

The Investigation Cooperation Team is led by Lee Jong-geun, Head of the Criminal Division, and consists of a total of 20 members, including Kim Bong-hyun, Head of Criminal Division 1, Kim Woo, Head of the Crime Proceeds Recovery Division, three division heads, and three prosecutors from the Research Division.

Going forward, the Investigation Cooperation Team will perform roles such as ▲ supporting the designation of dedicated investigation teams and chief prosecutors and establishing an organic cooperation system with the police ▲ supporting frontline offices in recovering criminal proceeds ▲ directing and supporting investigations of transferred cases and direct investigations by prosecutors.

Regarding the establishment of the prosecution-police investigation cooperation system, the Ansan Branch currently has a 'Dedicated Real Estate Speculation Investigation Team.' Other prosecutors' offices with jurisdiction over the 3rd New Town target areas have designated chief prosecutors. The Investigation Cooperation Team plans to build a close cooperation system through a practical-level hotline and meetings to promptly respond to cooperation needs arising during the investigation process.

Regarding the recovery of criminal proceeds, the team will thoroughly identify criminal proceeds from the initial stage and actively recover profits from speculative crimes through swift preservation measures. Additionally, it plans to actively support frontline offices' recovery work through analysis of existing cases and legal reviews.

The Investigation Cooperation Team will also direct prosecutors to actively conduct direct investigations if any of the six major crimes?corruption, economic crimes, public officials, elections, defense industry, and major disasters?are found among police-transferred cases.

Finally, the Investigation Cooperation Team will disseminate investigation techniques to frontline offices through legal reviews and analysis of existing investigation cases necessary for real estate speculation crime investigations, and will monitor daily situations related to important cases such as the LH case to share best practices nationwide.

A prosecution official stated, "The prosecution will do its best to ensure that real estate speculation crimes are eradicated by conducting swift and efficient investigations through organic cooperation with the police centered on the Investigation Cooperation Team, and thoroughly recovering criminal proceeds."

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