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Military Begins Investigating Real Estate Fraud Allegations

Military Begins Investigating Real Estate Fraud Allegations

Posted July. 02, 2005 03:39,   


Military authorities have started an internal investigation on a tip that real estate brokers are engaging in land fraud near the western border, or the frontlines, with North Korea.

On July 1, military officials said brokers are luring investors by saying that with increasing South-North Korean exchanges, a security tourist site or joint South-North Korea factory will be built in the area adjacent to the Gyeongeui Railway.

A military investigation official said, “Although there are no specific reports of losses, we are obtaining information from local residents and landowners because we were tipped off that fraud was being done covertly.”

The Army also explained that the right to repurchase the land of the Korean Army Logistics Command in Daeyeon-dong, Nam-gu, Busan had expired, and that it did not have plans to sell the land either.

Sang-Ho Yun ysh1005@donga.com