Search and Seizure of Persons Related to Cheonhwa Dongin No.7 in 'Daejang-dong Profit Concealment' Case
The prosecution investigating allegations of corruption in the Daejang-dong development project conducted a search and seizure of acquaintances of Bae, the actual owner of Cheonhwa-dongin No. 7, an affiliate of Hwacheon Daeyu Asset Management.
According to the legal community on the 10th, the Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baeksin) sent prosecutors and investigators to the residences of two individuals, including the nominal owner on paper of a company operated by Bae, to secure related materials.
The prosecution reportedly launched a forced investigation after detecting circumstances indicating that Bae's acquaintances were involved in using or concealing part of the criminal proceeds amounting to approximately 12.1 billion KRW or destroying related evidence.
Previously, Bae invested about 10 million KRW in the Daejang-dong development project under the name of Cheonhwa-dongin No. 7 and received dividends of approximately 12.13 billion KRW. He is known to have a long-standing relationship with Kim Man-bae, a former journalist and major shareholder of Hwacheon Daeyu, and is the person who introduced private developers Nam Wook and Jung Young-hak to Kim. In 2019, he joined Money Today, where Kim was employed, and served as the succeeding head of the legal team.
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The prosecution believes that Bae, who participated in the Daejang-dong development project, knowingly received development profits despite being fully aware that they were criminal proceeds. Since the 27th of last month, they have summoned him multiple times as a suspect on charges of violating the Act on the Regulation of Concealment of Criminal Proceeds. The prosecution views the approximately 350 billion KRW in dividends received by Cheonhwa-dongin Nos. 1 to 7, which invested in the Daejang-dong project, as criminal proceeds obtained through crimes such as breach of trust and violation of the Act on the Prevention of Conflict of Interest.
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