Suwon District Prosecutors' Office Freezes 93.5 Billion Won in Criminal Proceeds This Year, Including 25.5 Billion Won from Kim Seong-tae

Prosecutor's Office [Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The Suwon District Prosecutors' Office announced on the 28th that it has frozen approximately 93.5 billion KRW (176 cases) of criminal proceeds hidden by suspects this year through seizure and preservation measures. This is 2.5 times more than last year.

Seizure and preservation measures are actions taken to freeze a perpetrator's assets before a court ruling on seizure or confiscation of criminal proceeds.

A representative case is the order for preservation of confiscation requested and approved by the court for 25.5 billion KRW in total, including 20 million shares (worth about 24.5 billion KRW) of affiliate stocks held under a borrowed name by former Ssangbangwool Group Chairman Kim Seong-tae, who is under investigation for breach of trust, as well as real estate. Additionally, about 15.8 billion KRW was preserved in the "2 trillion KRW cryptocurrency fraud case," and 58.3 billion KRW in the "semiconductor cleaning equipment technology leakage case."

Furthermore, the prosecution revealed that it filed a "creditor subrogation lawsuit" to revert borrowed-name stocks (worth about 250 million KRW) entrusted by the defendant, a vice chairman of a certain company sentenced to pay 980 million KRW in fines for breach of trust, back to the defendant's name. The prosecution won the lawsuit and plans to enforce the confiscation.

A prosecution official stated, "We identified 60 individuals who hid proceeds from voice phishing crimes and earnings from prostitution advertisements in borrowed-name accounts and punished them for violating the Act on the Regulation of Concealment of Criminal Proceeds," adding, "We will establish the principle that 'crime does not pay.'"

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