Father Who Concealed Son's Illegal Gambling Profits Hit With 7 Billion Won Property Confiscation by Prosecutors

Prosecutors have confiscated approximately 7 billion won in criminal proceeds from a father who concealed his son's illicit gains by purchasing high-end apartments and other means.

The Criminal Proceeds Recovery Division 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 illicit revenue generated from an illegal gambling site.

A, acting as a money launderer, received the operation profits of an illegal gambling site run by his son, B, and concealed the funds by purchasing an expensive apartment in Busan valued at around 4.5 billion won and investing approximately 2.5 billion won into financial products.

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

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

Previously, B operated 16 illegal gambling sites with servers and offices in the Philippines starting in 2017, amassing massive profits, 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 Criminal Proceeds Concealment, and his sentence has been finalized.

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

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