500 billion worth of planned real estate buy...Chairman K Samheung is arrested for "Fraudulent War and 22 Crimes."

The Seoul Metropolitan Police Agency's financial crime investigation team sent three people, including real estate company "K Samheung" and Chairman Kim Hyun-jae, to the prosecution without detention on charges of stealing more than 500 billion won in investment, saying they are engaged in a land compensation project.

They are accused of stealing 528.1 billion won from 2,209 investors by deceiving them that they are making up to 250% of profits from land compensation projects from September 2021 to April this year.

They lured investors by deceiving them that they could make a profit by buying land in the development project area, and the land they purchased was land with unknown compensation date and amount, and some were not subject to development projects.

It was found that the company operated in a typical multi-level manner that provided profits and incentives according to its position, and paid new investments to existing investors in the name of principal and proceeds.

Chairman Kim was also sentenced to prison in 2007 for taking land sales payments by deceiving land that was difficult to develop or had no economic value as a developable land, and it was confirmed that there were 22 cases of fraud alone.

The police confiscated 14.2 billion won worth of criminal proceeds, including land and buildings, before prosecution and plan to collect additional unfair gains.