Jeonnam Police Arrest 87 Including 2 Brokers in Jeonnam's First 'Apartment Subscription Speculation' Case

Jeonnam Real Estate Speculation Crime Special Investigation Unit Investigating 14 Cases Involving 189 Suspects

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] The Jeonnam Provincial Police Agency announced on the 11th that they have arrested three real estate speculators, so-called 'Tteotdabang' operators, detained two of them, and also apprehended 16 individuals who sold subscription savings accounts and digital certificates to them, along with four people involved in false address registration.

Additionally, before the designation of real estate regulation zones on December 18, 2020, they arrested 64 people who engaged in false address registration in Suncheon and Gwangyang areas for speculative purposes, totaling 87 real estate speculation offenders apprehended, with investigations ongoing into about 40 more false address registrants.

The two detained individuals are known to have been previously punished around 2016 in the Gyeonggi and Incheon areas for the same method.

It was confirmed that around July 2019, they illegally purchased subscription savings accounts and digital certificates in Jeonnam and Gyeonggi areas, won the lottery, and earned 180 million KRW in profits from resale of pre-sale rights.

Police investigations revealed that they bought subscription savings accounts from daily workers and disabled persons nationwide for amounts ranging from 300,000 KRW to 20 million KRW, then resold apartment pre-sale rights in Suncheon, Jeonnam, and Gyeonggi areas, making profits between 5 million KRW and up to 75 million KRW.

False address registrants, despite residing in metropolitan areas such as Yongin, Gyeonggi, sought vacant one-room apartments under the guise of monthly rental contracts and secretly changed their addresses without the owners' knowledge to win subscription lotteries aiming for resale profits.

The Jeonnam police are currently investigating 189 people across 14 cases related to real estate speculation charges.

The Jeonnam police stated, “We are strengthening intelligence gathering activities targeting not only planned real estate but also development areas within the province,” and added, “We plan to confiscate and recover all speculative profits, notify the National Tax Service, and take full recovery measures.”

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