Police Seize and Forfeit 483.9 Billion Won in Criminal Proceeds Last Year

[Asia Economy Reporter Seongpil Jo] The National Police Agency announced on the 2nd that it confiscated and preserved criminal proceeds worth approximately 483.9 billion KRW from a total of 1,204 cases throughout last year.

Seodaemun-gu, Seoul Police Agency building. Photo by Mun Ho-nam munonam@

Compared to the previous year, the number of preservation cases increased by 40 percentage points (from 858 to 1,204 cases), while the amount decreased by 47 percentage points (from 835.1 billion KRW to 483.9 billion KRW). The police analyzed that the decrease in the preserved amount was due to the decline in prices of virtual assets and real estate, which are calculated at market value based on the court decision date. Preservation of confiscation refers to preventing suspects from arbitrarily disposing of illegal proceeds subject to confiscation before a final court ruling. If confiscation is not possible, the equivalent value is collected as a fine.

Looking at the preserved amounts by type of crime, fraud accounted for the largest share at 50.9% (226.6 billion KRW), followed by embezzlement and breach of trust at 14.9% (64.8 billion KRW), and prostitution at 9% (39.1 billion KRW). When dividing the total 483.9 billion KRW by asset type, virtual assets accounted for 35% (153.8 billion KRW), real estate 34% (149.3 billion KRW), deposit claims 24.2% (104.9 billion KRW), automobiles 2.1% (9 billion KRW), and other assets 5.1% (21.9 billion KRW).

Major preservation cases include the Seoul Metropolitan Police Agency’s Crime Proceeds Tracking Investigation Team preserving criminal proceeds worth approximately 11.1 billion KRW in a case where a criminal organization deceived about the imminent listing of stocks that had no possibility of being listed, swindling about 1,200 victims out of 19 billion KRW. The Gyeongnam Provincial Police Agency’s Crime Proceeds Tracking Investigation Team preserved 37 billion KRW out of 85 billion KRW received as payment for leaking submarine design documents, classified as military strategic materials, to an overseas corporation without approval from the Defense Acquisition Program Administration.

A National Police Agency official stated, "We will do our best to maximize the preservation of criminal proceeds by promoting the increase of dedicated personnel and continuously strengthening professional capabilities," adding, "We will strive to prevent recidivism and recover property damage as much as possible."