Prosecutors Arrest 14 in Direct Investigation of LH Real Estate Speculation... 25.7 Billion KRW of Criminal Proceeds Also Frozen
[Asia Economy Reporter Kim Hyung-min] The prosecution has arrested a total of 14 people through direct investigations in the course of probing real estate speculation allegations related to the Korea Land and Housing Corporation (LH) scandal.
The Supreme Prosecutors' Office announced the interim results of the real estate speculation investigation and prosecution on the 2nd.
So far, the prosecution has conducted investigations into real estate speculation allegations together with the government joint special investigation headquarters (Special Investigation Headquarters). They established a Task Force for Speculation Offenders at the Supreme Prosecutors' Office and formed dedicated investigation teams consisting of 641 personnel across 43 prosecution offices nationwide to pursue individuals suspected of speculation.
From April, the Supreme Prosecutors' Office conducted a comprehensive review of cases sent over the past five years for two months and carried out direct investigations, resulting in the arrest of 14 people, including those involved in planned real estate companies. During the investigation, criminal proceeds worth 25.7 billion KRW, including gold bars and foreign currency valued at approximately 3 billion KRW obtained through real estate speculation crimes, were preserved before prosecution.
Additionally, the prosecution promptly reviewed and processed arrest warrants requested by the police, and prosecutors personally appeared at pre-arrest suspect interrogation sessions to express opinions on detention, leading to the arrest of 20 people.
The Special Investigation Headquarters reported that in about three months since its launch, it investigated 646 cases involving approximately 2,800 people, arrested 20 individuals, and sent 529 people to the prosecution.
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Cho Nam-gwan, Deputy Prosecutor General of the Supreme Prosecutors' Office, stated, "We will adhere to a zero-tolerance policy, including the principle of arresting all involved in public office-related speculation crimes and seeking the maximum legal penalties, and will mobilize all resources to strongly respond to real estate speculation offenders."
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