Prosecutors Seize 22 High-Value Paintings Suspected of Laundering Commissions by Ra Deok-yeon and Associates

Including 'High-Value Paintings' Such as Alex Katz's Artwork

The Joint Investigation Unit on Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (Chief Dan Seong-han) seized an additional 10 high-priced paintings from a gallery suspected to be a fee laundering channel linked to Ra Deok-yeon and his associates on the 25th. The total number of paintings owned by Ra and his group secured by the investigation team so far is 22.

[Image source=Yonhap News]

Earlier, on the 19th, the investigation team reportedly seized 12 paintings owned by Ra and others from a gallery located in Gangnam-gu, Seoul. The prices of the paintings are estimated to range from several million won to several hundred million won.

The paintings included works by famous international artists such as David Hockney and Alex Katz, as well as paintings by the late Kim Chang-yeol, known for his water drop paintings. The recent seizure reportedly also included high-priced paintings such as those by Alex Katz.

Ra and his associates are known to have received investment fees by having investors pay part of their profits under the pretext of purchasing paintings at this gallery, while in reality, the paintings were never delivered.

The gallery owner, Mr. Nam, where the paintings were stored, was an investor who entrusted his investments to Ra and his group. In this regard, the prosecution is also investigating the possibility that they were involved in market manipulation and concealing criminal proceeds.

Meanwhile, the Joint Investigation Team 1 of the Joint Investigation Unit on Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (Chief Dan Seong-han), which previously investigated the Terra and Luna crash incidents, estimates the criminal proceeds of Ra and his ‘stock manipulation group’ to be over 246.2 billion won and is focusing on tracing and confiscating these assets.

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