National Investigation Headquarters Chief: "Co-conspirator Investigation Regardless of Villa King Death... 5 People Booked"

Strict Investigation Underway by Metropolitan Police Agencies on Jeonse Fraud Cases Including 'Geonchukwang' and 'Villa-ui Sin'

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] The National Investigation Headquarters of the National Police Agency announced on the 26th that it is investigating five individuals related to the so-called 'Villa King' case, in which 1,139 villas were owned but the jeonse deposits were not returned before the owner’s death.

Nam Gu-jun, head of the National Investigation Headquarters, said at a regular press briefing on the morning of the same day, "The Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit is investigating related parties such as the building owners and large-scale sales agents on charges including fraud." He added, "We have obtained account warrants to analyze the flow of funds and will strictly investigate whether there were accomplices regardless of the death of 'Villa King' Kim, to uncover the facts."

Kim, known as the Villa King, was found dead in a hotel in Jongno-gu, Seoul, last October. He purchased an enormous number of villas using the 'cap investment' method, which involves buying houses with jeonse deposits, and was under police investigation for failing to return the jeonse deposits to hundreds of tenants.

Nam also reported that investigations into other jeonse fraud suspects known as the 'Construction King' and the 'God of Villas' are ongoing, centered around various metropolitan police agencies. He explained, "The Incheon Police Agency is investigating a group led by the Construction King who owns about 2,700 villas, and the Gyeonggi Southern Police Agency is investigating the God of Villas group who purchased about 4,300 villas and committed jeonse fraud. In the case of the God of Villas, the Seoul Police Agency is separately investigating a case involving 397 villas with victims."

Nam further stated, "The Ministry of Land, Infrastructure and Transport has submitted investigation requests for 106 suspicious jeonse fraud transactions, and we plan to start investigations as soon as detailed data is secured." He added, "Since July, we have been cracking down strongly on organized jeonse fraud crimes, arresting 822 people and detaining 78 in 360 cases," but also noted, "Jeonse fraud causes significant harm to ordinary citizens, so we will work closely with the Ministry of Land to devise measures for damage recovery and support."

Regarding the ongoing special crackdown on illegal activities at construction sites, Nam said, "Although the intensive crackdown began in December, these issues have been under investigation since early this year." He revealed, "So far, 926 people have been investigated in 136 cases, with 122 referred to the prosecution." Nam added, "Investigations are ongoing for 79 cases involving 695 people," and emphasized, "Through active intelligence gathering, we will thoroughly investigate not only the actual perpetrators but also the masterminds behind them."

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