Police Conduct Search and Seizure at Incheon City Hall and Council over Former City Councilor's Speculation Allegations

Hando Urban Development Project Area, Seo-gu, Incheon. Photo by Incheon City

[Asia Economy Reporter Jeong Dong-hoon] The police investigating real estate corruption allegations have launched a forced investigation into speculation suspicions involving a former Incheon City Council member.

The Incheon Police Agency's Special Investigation Unit for Real Estate Speculation Crimes announced on the 5th that they conducted searches at five locations, including the residence of former Incheon City Council member A (61), who has been booked 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 Department 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 urban development materials and real estate-related documents.

A is known to have used undisclosed information obtained while serving as the Chairperson of the Construction and Transportation Committee of the Incheon City Council on August 7, 2017. He is suspected of purchasing a 3,435㎡ plot in the Baekseok-dong Hand City Development Project area in Seo-gu, Incheon, for 1.96 billion KRW and earning capital gains.

The plot in question received approval for the implementation plan as part of the Hand City Development Project two weeks after A purchased the land. The Hand City Development Project, carried out by an association composed of landowners, is underway on a 567,567㎡ site in the Baekseok-dong area, with a total project cost of 193 billion KRW and a scale of 4,871 households.

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