Father Who Concealed Son's Criminal Profits to Buy Luxury Apartment Stripped of 7 Billion Won

Prosecutors have confiscated approximately 7 billion won in criminal proceeds from a father who concealed his son's illicit earnings by purchasing a high-end apartment and engaging in other money-laundering activities.

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 about 7 billion won in criminal proceeds from a man in his 60s, identified as A, who hid the earnings generated from an illegal gambling site.

Money-laundering suspect A received operation profits from an illegal gambling site operated 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 in financial products.

During the investigation stage, prosecutors froze A's assets, including the real estate in question, proved that the assets were acquired through criminal proceeds, and successfully obtained a confiscation order.

The approximately 7 billion won in criminal proceeds was fully reverted to the state treasury on August 4.

Previously, B had operated 16 illegal gambling sites since 2017 with servers and offices located in the Philippines, amassing massive profits. He remains a fugitive overseas after his crimes were uncovered.

A was sentenced to two years in prison for violating the Act on Regulation and Punishment of Criminal Proceeds Concealment, and his sentence has been finalized.

An official from the Busan District Prosecutors' Office stated, "We will continue to trace criminal proceeds to the end and strip criminals of their illegal gains to fundamentally block any motive for crime."

(Photo: Provided by Yonhap News TV, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.