Police "All-Out Effort to Eradicate Illegal Activities in the Real Estate Market... Strict Crackdown"

[Asia Economy Reporter Lee Gwan-ju] The police have announced their commitment to eradicating illegal activities across the real estate market, including the apartment sales market.

On the 18th, at a joint briefing with related agencies on future real estate policy plans held at the Government Complex Sejong, the National Police Agency stated, "We are strictly cracking down on market-disturbing activities in the real estate sector by thoroughly tracking accomplices and additional offenses through account tracing and search and seizure operations." They added, "Habitual offenders such as brokers will be relentlessly pursued and arrested, prosecuted rigorously, and criminal proceeds will be actively recovered through thorough financial tracking, including confiscation and collection measures."

The National Police Agency formed dedicated investigation teams (16 teams, 78 members) centered in the jurisdictional city and provincial police agencies of speculative overheating zones and regulated areas. From the 7th of last month to the 12th of this month, they focused on cracking down on illegal activities in the apartment sales market, resulting in 346 individuals (81 cases) being apprehended.

Among them, 17 were sent to the prosecution with a recommendation for indictment, and 329 are still under investigation. By type, illegal subscription accounted for the largest number with 205 individuals (59.2%), followed by subscription savings account trading with 84 individuals (24.3%), and illegal resale with 21 individuals (6.1%).

The police explained that through major arrests, they confirmed that brokers and real estate agents raising premiums on pre-sale rights cause overheating in the sales market and distort surrounding real estate prices.

A National Police Agency official said, "We will continue to make every effort to eradicate illegal activities across the entire real estate market, including the apartment sales market," and urged, "We ask the public not to fall for real estate speculation temptations and to actively report and tip off illegal activities."