Four Public Officials from Cheongdo-gun, Gyeongbuk Arrested on Suspicion of Land Speculation Using Insider Information

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Four public officials from Cheongdo County, Gyeongsangbuk-do, were arrested by the police on charges of land speculation using insider information.

According to the Gyeongsangbuk-do Police Agency on the 17th, four Cheongdo County officials, including Mr. A, were arrested on charges of purchasing about 3,000 pyeong of blind land in the Cheongdo area in 2016 after obtaining prior information that a road would be constructed.

The police found it suspicious that an access road was built immediately after they purchased the land, and upon investigation, they uncovered evidence that these officials had prior knowledge of the information. It is reported that the land price rose significantly compared to the purchase price.

The police reportedly conducted a search and seizure at Cheongdo County Office starting from the 15th of last month, securing their mobile phones and real estate-related documents for investigation.

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