Girls' Generation Star Among Victims of Real-Estate Scam

      October 29, 2021 12:31

      Tae-yeon

      Tae-yeon of girl band Girls' Generation is among some 3,000 victims of a W250 billion real-estate scam police are investigating (US$1=W1,170).

      The fraudsters bought protected land and deceived investors by telling them the area would shoot up in value.

      Police said Thursday that they arrested four people involved in the scam. The fraudsters went all over the country, including Songpa and Gangdong districts in Seoul, Pyeongtaek in Gyeonggi Province, Wonju, Gangwon Province and Mungyeong, North Gyeongsang Province, to buy up land in nature reserves at dirt-cheap prices.

      In Tae-yeon's case the scammers set up a front company that bought a protected piece of land in Hanam, Gyeonggi Province for W400 million and then sold it to her for W1.1 billion three months later.

      Police interviewed around 280 victims and conducted a raid in the company's Gangnam office. "We had been investigating this case since April and plan to hand over the case to prosecutors soon," a police source said. "We will continue to look for more victims."

      Amid proliferating rumors about the scandal, Tae-yeon said on Instagram on Thursday, "It was my wish to find a home for my family near where I live and work. I have only just been told of the damage and am watching the situation. Please refrain from speculating..."

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