Police launch an investigation into the head of a real estate auction house over 'suspected investment fraud'

The Incheon Metropolitan Police Agency's Anti-Corruption and Economic Crime Unit has launched an investigation by receiving a series of complaints that the head of a real estate auction company did not return the principal as well as the proceeds promised after recruiting joint investors.

The Incheon Metropolitan Police Agency recently received seven complaints related to A, which reportedly said that A did not return the promised proceeds and principal after inducing investment to buy land cheaply and resell it expensive at an auction or to conduct a real estate development project.

The police explained that complaints against A are being received not only in Incheon but also across the country, and that they will continue the investigation by identifying the overall extent of the damage.