Jeju Police Agency Operates 'Jeonse Fraud Special Crackdown Period'

Published 29 Jul.2022 11:00(KST)

[Jeju=Asia Economy Honam Reporting Headquarters Reporter Hwang Jeongpil] The Jeju Police Agency (Chief Lee Sang-ryul) announced on the 29th that it will operate a "Jeonse Fraud Special Crackdown" period for six months from the 25th of last month to January 24th of next year to stabilize the housing life of ordinary citizens and establish a sound transaction order.

In response to growing social concerns such as the increased housing cost burden on ordinary citizens due to recent interest rate hikes and the possibility of real estate price declines leading to so-called "Kkangtong Jeonse," the Jeju Police Agency plans to form a dedicated investigation team within the Anti-Corruption and Economic Crime Investigation Unit and the Intelligence Teams of police stations to proactively and strongly crack down on related illegal activities.

Jeonse-related fraud, an important housing form for ordinary citizens, infringes on housing rights, causes victims to lose their entire assets, and is difficult to recover from, resulting in serious damage as a malignant crime. Therefore, in addition to crackdown activities, efforts will be focused on victim recovery and prevention of further damage.

The main crackdown targets include seven types: capital-free and gap investment, intentional non-return of deposits such as "Kkangtong Jeonse," false notification of real estate rights relations, unauthorized contracts such as impersonating the actual owner, contracts exceeding the scope of delegation, false guarantees/insurance, and illegal brokerage/intermediation activities.

A Jeju Police official said, "Residents should be cautious about signing lease contracts through internet secondhand trading sites or rents that are cheaper than market prices," and added, "We will strive to establish a housing transaction order where ordinary citizens can live with peace of mind."