‘Planned real estate fraud’ is a sophisticated evolution... Busan real estate lawyer says, “We need to approach it differently from simple fraud crimes.”

According to the legal community, the number of cases of so-called 'planned real estate fraud', which involves purchasing land or forest land that is difficult to develop at a low price, then dividing the land into shares and selling it at a high price, citing favorable development conditions in the surrounding area, is increasing, so special attention is required.

In particular, these days, as the economy of the common people is in crisis due to COVID-19, there are various cases of damage, including cases of recruiting investors with the lure of high profits and stealing investment funds and land purchase money, as well as cases of some brokerage companies exploiting this to target retired pensioners and people with small amounts of spare funds and recommending them to purchase shares.

According to a criminal lawyer from the Daeryun Planning and Real Estate TF Team at the Daeryun Law Firm, "The proliferation of planned real estate and speculative share transactions that promote development expectations and speculation are rampant. The techniques are becoming more sophisticated day by day, including field visits with real licensed real estate agents." In particular, "It is very dangerous to invest only by believing in the word of a company without any relevant knowledge, and basically, land ledger, inspection of register, land use plan confirmation, etc. “We need to carefully check the development potential using land use regulation information services, etc.,” he said.

He continued, “Early this year, the management of Korea's largest planning real estate company was sentenced to prison for fraud, raising the possibility that similar cases will be found to be fraudulent in the future, but even if the fraud charge is acknowledged, the victims' damages will not be restored to their original state.” He continued, “If the real estate contract in question is recognized as fraudulent, it can be canceled through a civil lawsuit and claim compensation for damages, or the invested amount can be recovered by filing a lawsuit for return of investment money. Therefore, if you have suffered fraud damage, it is best to seek the help of a professional attorney to reduce the damage even a little.” “It’s important,” he said.

In addition, there is a possibility of being involved in crime due to a new type of multi-level planning real estate fraud. “Recently, planning real estate fraud is following the multi-level sales method and the damage is spreading mainly among acquaintances of internal employees. Planning real estate companies purchase large quantities of vacant land and forest land that have no practical development benefit, then split the shares into small pieces and distribute the allocation to branches across the country, and then brainwash and educate internal employees and counselors to sell the land,” he said. “Investors can be deceived and deceived by introducing the site to other people, so there is a possibility that they may become involved in a crime without their knowledge,” he said.

In addition, he added, “After sufficient review, we expected profits and attracted investment funds, but if we are accused of planning real estate fraud, we will require the assistance of a legal expert to prove our innocence, such as justifying our actions with a lawyer.”

Daeryun Law Firm, which provided assistance, is currentlySeoul, Busan, Daegu, Incheon, Gwangju, Daejeon, Ulsan, Suwon, Changwon, Cheongju, Jeonju, Uijeongbu, Chuncheon, Jinju, JejuIt has an office in , and the Planning Real Estate TF Team provides legal assistance in relation to planning real estate fraud cases, including violations of the Special Police Act, false and exaggerated advertisements, forgery of private documents, lawsuits for cancellation of fraudulent acts, claims for division of public property, sales lawsuits, and lease lawsuits.

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