An employee of the Korea Land and Housing Corporation who made a profit of 15 billion won by purchasing 43 houses in a planned redevelopment site in Seongnam was arrested by the police.

The Gyeonggi Nambu Police Agency's special investigation team for real estate speculation announced that they arrested LH employee A and two real estate agents yesterday (6th) on charges of violating the Anti-Corruption Rights and Anti-Corruption Act.

They are accused of buying 43 multi-family houses, including multi-family houses, for about 9.2 billion won from 2016 to early last year, using inside information that the Sujin 1-dong and Sinheung 1-dong areas in Seongnam-si will be redeveloped.

As it was designated as a Shinheung and Suji redevelopment and maintenance zone in December of last year, the price of the real estate they bought has risen to about 24.4 billion won.

It was investigated that Mr. A was in charge of the redevelopment project in Seongnam City, and after stealing inside information, he engaged in speculation with two real estate agents he was close with.

The police applied to the prosecution for confiscation and preservation of real estate worth 24.4 billion won before indictment so that the house purchased by Mr. A and others could not be disposed of.