Dubai Real Estate, Supercars... 40s Man Who Hid 190 Billion Won in Gambling Proceeds Gets Maximum Sentence

Collaboration with a Philippines-Based Organization
Family and Acquaintances Mobilized in the Crime

A man in his 40s who was prosecuted for laundering funds worth approximately 190 billion won obtained through gambling crimes was sentenced to 10 years and 6 months in prison in the first trial. The court pointed out the scale of the concealment of criminal proceeds and the malicious nature of the methods used, and also ordered the confiscation and forfeiture of related assets.

A man in his 40s who was prosecuted for laundering funds worth approximately 190 billion won obtained through gambling crimes was sentenced to 10 years and 6 months in prison in the first trial (photo is for article illustration purposes and unrelated to the content). Pixabay

According to the legal community on the 29th, the Busan District Court Criminal Division 10 (Judge Heo Sungmin) handed down a heavy sentence to Mr. A (in his 40s), who was indicted on six charges including the Act on Regulation of Concealment of Criminal Proceeds. The court ordered the confiscation of Dubai real estate worth approximately 44.4 billion won and imposed a forfeiture payment of about 45.5 billion won.

Investigations revealed that Mr. A collaborated with the leader of an illegal gambling organization based in the Philippines and attempted to launder gambling proceeds over several years by dispersing them into real estate, vehicles, artworks, and virtual assets. There were a total of 23 gambling sites, and the operation lasted for about four and a half years.

In the early stages of the crime in 2018, Mr. A, who was a used foreign car dealer, established a relationship with the head of the gambling organization as a customer, and later became actively involved in laundering gambling funds. In addition to vehicle distribution, he concealed funds or accumulated wealth through various means such as acquiring a tire company, purchasing high-value real estate both domestically and internationally, and buying supercars.

People close to Mr. A, including family members and acquaintances, also participated in the crime. It was revealed that Mr. A's spouse, mother-in-law, and subordinate employees, as well as the fathers of members of the gambling organization, were involved in the flow of funds. Each of these six individuals was sentenced to imprisonment, with some receiving partial suspended sentences.

The court stated, "The defendant used deliberate and systematic methods to make it difficult to trace the criminal proceeds," noting that "he was not a mere subordinate but oversaw the entire planning and execution of the crime." The court added, "He concealed and managed astronomical amounts of money over a long period and personally acquired a significant portion, making the nature of the crime extremely serious."

The court explained its sentencing by stating, "Even during the investigation, the defendant repeatedly made false claims and attempted to destroy evidence, ignoring the truth. Considering the significant harm caused to society as a whole, the highest level of punishment is inevitable."

However, regarding the charge that Mr. A attempted to evade taxes through financial transactions worth about 700 million won under his spouse's name, the court found him not guilty due to insufficient evidence. The Busan District Prosecutors' Office has appealed the decision, disagreeing with the court's acquittal on the charge of laundering criminal proceeds.