Police Investigate Four Real Estate Development Scam Firms Selling 'Undevelopable' Land to Over 3,000 People
[Asia Economy Reporter Lee Jung-yoon] The police are investigating a planned real estate company accused of deceiving over 3,000 people by selling them 'biotope (biological habitat)' grade 1 land, which is undevelopable, as if it could be developed.
According to the police on the 27th, the Suseo Police Station in Seoul has been investigating since July, booking four representatives of the planned real estate company on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Farmland Act.
They are accused of deceiving victims by claiming to have "undisclosed development information" about biotope land located in absolute preservation areas where development is restricted, such as in Songpa-gu and Gangdong-gu in Seoul, Wonju-si in Gangwon, and Pyeongtaek-si in Gyeonggi, receiving approximately 250 billion KRW in land sale payments.
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A police official stated, "We plan to transfer the case to the prosecution once the investigation is completed."
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