Immediate Suspension of Auctions and Sales for 'Jeonse Fraud Victims'

Multi-Ministry Task Force Activated on the 19th to Support Jeonse Fraud Victims

Jeonse fraud victims hold a press conference on the 18th in front of the Presidential Office in Yongsan-gu, Seoul, urging the establishment of measures to address jeonse fraud damage. Photo by Dongju Yoon doso7@

The government has decided to immediately suspend the auction procedures for the households affected by the Jeonse fraud in Michuhol.

On the 19th, the Ministry of Economy and Finance held the first meeting of the inter-ministerial task force (TF) to support victims of Jeonse fraud, chaired by the First Vice Minister. The TF included government ministries such as the Ministry of Economy and Finance, Ministry of Land, Infrastructure and Transport, Financial Services Commission, and Ministry of Justice, as well as the Korea Federation of Banks, National Credit Union Federation of Korea, and National Federation of Fisheries Cooperatives. At the meeting, the implementation plan to halt auction schedules to prevent additional damage to Jeonse fraud victims, as directed by the President at the Cabinet meeting on the 18th, was intensively discussed.

During the discussion, the government agreed to seek cooperation to immediately suspend auctions starting tomorrow for loans held by banks and mutual finance institutions among the 2,479 households confirmed as victims of Jeonse fraud in Michuhol-gu. For cases sold to private debt management companies (NPLs), the government will also seek cooperation to suspend auction procedures as much as possible and continue monitoring. Additional measures, including financial support, will be devised to enable swift recovery for the victims.

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