▲ Busan District Prosecutors' Office
Prosecutors have confiscated approximately 7 billion won in criminal proceeds from a father who concealed his son's illicit gains by purchasing a luxury apartment and carrying out other financial maneuvers.
The Criminal Proceeds Recovery Department of the Busan District Prosecutors' Office (led by Senior Prosecutor Choi Sang-hoon) announced yesterday (August 5) that it has fully recovered the criminal proceeds from a man in his 60s, identified as A, who concealed around 7 billion won in profits from an illegal gambling website.
A, who acted as a money launderer, received operating profits from an illegal gambling site run by his son, B, and concealed the funds by purchasing a luxury apartment in Busan valued at approximately 4.5 billion won and investing about 2.5 billion won into financial products.
During the investigation, prosecutors froze A's assets, including the real estate in question, proved that the assets were acquired with criminal proceeds, and secured a confiscation ruling.
The approximately 7 billion won in criminal proceeds was entirely reverted to the national treasury on August 4.
Previously, B had amassed massive profits since 2017 by operating 16 illegal gambling sites with servers and offices in the Philippines, and is currently a fugitive abroad after his crimes were uncovered.
A was sentenced to two years in prison for violating the Act on Regulation and Punishment of Concealment of Criminal Proceeds, and his sentence has been finalized.
An official from the Busan District Prosecutors' Office stated, "We will continue to relentlessly track criminal proceeds and strip offenders of their illegal gains to fundamentally cut off any motive for crime."
(Photo: Provided by Yonhap News TV, Yonhap News)
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