Former Incheon City Council Member Real Estate Speculation Allegations... Police Search Incheon City Hall and City Council

On the 29th, members of the People's Joint Action held a press conference in front of the Blue House in Jongno-gu, Seoul, urging a thorough investigation into real estate speculation and fundamental real estate reform. 2021.3.29 / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Park Hyesook] The police have detected suspicions of real estate speculation involving a former Incheon city council member and have launched an investigation.

The Incheon Metropolitan Police Agency's Special Investigation Unit for Real Estate Speculation Crimes conducted a search and seizure on the residence of former Incheon city council member A (61) and four other locations on the 5th, on charges of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission (Anti-Corruption Act).

The police dispatched investigators not only to A's residence but also to the Urban Development Division office at Incheon City Hall, the office of the Chairperson of the Construction and Transportation Committee of the Incheon City Council, and two real estate agencies in the Seo-gu area, securing various evidence related to the real estate speculation suspicions.

A is known to have purchased a 3,435㎡ plot of land in the Baekseok-dong Hand City Development project area in Seo-gu, Incheon, in August 2017 for 1.96 billion won. Two weeks after A acquired this land, on the 21st of the same month, the site received approval for the implementation plan as part of the Hand City Development project area.

The police obtained intelligence related to A's land purchase and conducted a preliminary investigation, which recently escalated to a formal investigation, leading to the search and seizure on this day.

The police suspect that at the time, A served as the chairperson of the Construction and Transportation Committee of the city council and likely received various reports related to the Hand City Development project from the Urban Development Division of Incheon City.

A police official stated, "We are investigating on the grounds that A used confidential information obtained through official duties to purchase real estate," adding, "After analyzing the materials secured through the search and seizure, we plan to summon A as a suspect for questioning in the near future."

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