Earlier this year, investigations into Seoul apartment transactions revealed a significant number of suspicious activities related to illegal gifting and misuse of loan funds during financing processes.
The Ministry of Land, Infrastructure and Transport announced today (28th) that it discovered 108 transactions suspected of violations during a joint inspection of unusual Seoul apartment transactions made between January and February this year.
This investigation is a follow-up measure to the re-designation of land transaction restrictions for apartments in Seoul’s Gangnam Districts 3 and Yongsan District in March. It was conducted across 80 apartment complexes in major areas of Seoul, including Gangnam Districts 3, Mapo, Yongsan, and Seongdong Districts.
The investigation found 108 transactions suspected of illegal activities, including illegal gifting, misuse of loan funds, and false contract reporting.
During the joint inspection, a purchaser in Gangnam-gu, Seoul was detected for allegedly obtaining funds from three corporations where family members serve as executives, while buying an apartment for 4.5 billion won. The purchaser is also suspected of misusing corporate family funds.
In Gangdong-gu, Seoul, a transaction was identified where a purchaser did not submit documentary evidence of the funding plan while buying an apartment for over 2.3 billion won and is suspected of illegal gifting by borrowing from a related party, the mother.
Additional cases include purchasing an apartment in Seocho-gu, Seoul, with business-purpose loans or entering into a rental agreement with selling parents as tenants during the acquisition of an apartment in Nowon-gu, Seoul, arguably indicating illegal gifting.
Furthermore, between October and December last year, 555 cases of suspected irregular transactions, including illegal gifting and excessive related-party borrowings, were discovered among metropolitan home transactions.
A planned investigation into the sale rights transactions in the metropolitan area from January to October last year also found 133 cases of suspected violations.
Regular monitoring of unregistered apartment transactions found 499 unregistered cases in the first half of the previous year. This involves transactions where the final balance payment was reported, but ownership transfer registration was not completed within 60 days of the agreement.
These suspected illegal transactions will be reported to respective authorities such as the National Tax Service, Financial Services Commission, Ministry of Interior and Safety, and local governments for further investigation and referrals will be made to the police station. For unregistered transactions, notification to the reporting authority will be made for further investigation and administrative actions.
The Ministry plans to continue joint field inspections across all areas of Seoul following the expansion of land transaction restrictions in March. It will also carry on with planned investigations of transactions reported after March.
Additionally, a planned investigation will target direct transactions from January to February this year, where illegal gifting might occur.
[Photo Source: Yonhap News]
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