Gwangju Police Refer 111 Real Estate Speculation Offenders Including Public Officials

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] After about eight months of investigating real estate speculation, the Gwangju Police have referred 111 individuals to the prosecution.

The Gwangju Police Agency conducted a special crackdown on real estate speculation suspects, focusing on a special investigation team, from March until the 31st of last month.

The police investigated 156 suspected speculators, referring 111 of them (including 3 detained) to the prosecution, deciding not to prosecute 8, and continuing investigations on the remaining 37.

Among those referred to the prosecution, 109 face charges of illegal purchase (violation of the Farmland Act), and the other 2 are charged with speculation using insider development information (violation of the Anti-Corruption Act).

This group also includes 14 public officials and 2 employees of public institutions.

The police also took measures to seize and preserve assets related to real estate worth approximately 1.4 billion KRW to block illegal criminal proceeds.

A police official stated, "We will apply a zero-tolerance policy toward real estate speculators going forward, conducting strict and continuous crackdowns including detention investigations."

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