Police Investigate 398 Suspects in Real Estate Speculation... 3 out of 10 Are 'Public Officials and LH Employees'

134 People Related to 3rd Phase New Town
Over 60 Reports Received by the Reporting Center Under Fact Verification

National Police Agency Investigation Headquarters building./Photo by National Police Agency

[Asia Economy Reporter Lee Gwan-joo] The investigation into real estate speculation allegations triggered by employees of Korea Land and Housing Corporation (LH) is gaining momentum as arrest warrants for suspects have been requested for the first time.

The National Police Agency's National Investigation Headquarters (NIH) announced on the 24th that it is investigating a total of 89 cases involving 398 people related to real estate speculation allegations including LH. Among these, cases related to the 3rd New Towns such as Gwangmyeong and Siheung in Gyeonggi Province, where the initial suspicions arose, account for 33 cases involving 134 people.

Classified by investigation leads, 13 cases started from complaints by civic groups, 6 cases were referred by other agencies such as the government joint investigation team, and 70 cases were initiated by the police themselves.

Among the suspects, 85 are public officials and 31 are LH employees. Since the search and seizure at LH headquarters on the 9th of this month, the NIH has conducted 19 search and seizure operations at government offices and residences related to the suspects. These search and seizure operations are expected to continue as the investigation progresses.

The 'Police Report Center' established on the 15th of this month received 388 reports as of 9 PM the previous day. The NIH analyzed the reports and selected about 60 cases requiring fact verification, which were then forwarded to the relevant city and provincial police agencies.

Additionally, in cooperation with the Financial Services Commission, National Tax Service, Financial Supervisory Service, and Korea Real Estate Board, the NIH is analyzing data related to real estate in the 3rd New Towns. For 22 suspects initially identified for suspected violations of the Farmland Act, internal investigations have been ordered to the relevant city and provincial police agencies.

The NIH stated that it will strictly investigate real estate speculation using insider information by public officials, applying arrest as a principle regardless of the suspect's status or rank, including members of the National Assembly and current or former high-ranking officials. Furthermore, it added that land and assets acquired through speculation will be subject to confiscation and seizure to recover unjust profits.

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