Jeonnam Police Arrest 241 Real Estate Speculators, Detain 5

Confiscation and Recovery of Speculative Profits Worth 10.2 Billion Won

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Jeonnam police have conducted extensive investigations over the past eight months into real estate speculation offenders, arresting 241 individuals, of whom 5 have been detained.

The Jeonnam Police Agency announced on the 4th that they formed a "Special Investigation Unit for Real Estate Speculation Offenders" and carried out a "Special Crackdown on Real Estate Speculation Offenders" from March to October, investigating 309 people in 26 cases, arresting 241 individuals in 18 cases, and detaining 5 of them.

Additionally, 236 people were sent to prosecution without detention, speculative profits amounting to 10.2 billion KRW were confiscated and recovered, and investigations are ongoing for 68 people in 8 cases.

Looking at the number of arrests by type (241 people), 7 were arrested for "illegal use of insider information," with 3 detained, and 134 were arrested for "illegal acquisition of real estate," with 2 detained.

There were 56 arrested for "illegal purchase of farmland for speculation purposes," 19 for "illegal resale," 5 for "illegal brokerage activities," and 20 for "others." When classified by occupation, 25 were public officials, 2 were public institution employees, and 214 were civilians.

A Jeonnam police official stated, "We will apply a zero-tolerance policy toward real estate speculation offenders, detain and investigate them, and pursue the criminal proceeds to the end by confiscating and recovering them, responding strongly and strictly."

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