I Thought I’d Hit the Lotto but Ended Up Empty... Crackdown on Illegal Subscription in Ulsan

Ulsan City Joint Crackdown, 28 Suspected Cases of Illegal Apartment Subscription Detected and Referred for Investigation
Penalties Include Up to 3 Years Imprisonment or Fines Up to 30 Million Won for False Address Registration and Illegal Subscription

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] In Ulsan, someone who illegally won the 'Lotto Subscription' ended up facing severe punishment.

Cases suspected of illegal subscription, such as transferring resident registration just before the announcement date for tenant recruitment and winning the subscription, were massively uncovered during joint crackdowns by Ulsan City and district/county offices.

This crackdown was conducted from August 17 to October 16, targeting winners of subscriptions for two apartments in Ulsan City that had high subscription rates in September.

After inspecting about 2,300 subscription winners, a total of 28 suspicious cases were detected, including 5 cases of false resident registration, 23 cases suspected of illegal trading of subscription savings accounts, illegal resale, and resale brokerage.

Ulsan City is conducting investigations into suspected false resident registrations through the city's Civil Life Judicial Police Division, and has requested investigations into suspected illegal trading of subscription savings accounts, illegal resale, and resale brokerage to the Ulsan Metropolitan Police Agency.

If a subscription win is confirmed through fraudulent methods such as false resident registration, illegal trading of subscription savings accounts, or submission of false subscription documents, it is punishable under the Housing Act by imprisonment of up to 3 years or a fine of up to 30 million won.

An official from Ulsan City stated, “We will continue to strictly crack down on acts that disrupt the housing supply market, collusion on housing prices, false property advertisements, and other real estate transaction disturbances to establish a sound and transparent real estate transaction order.”