Former Incheon Mayor Yoo Jeong-bok of South Korea Searched by Police, Suspected of Concealing 21,000 Crypto Assets to Evade Asset Declaration

TechFlow news, July 28. According to Yonhap News Agency, the Anti-Corruption and Economic Crime Investigation Team of the Incheon Police Agency conducted a raid on the residence of former Incheon Mayor Yoo Jeong-bok and the office of the General Affairs Division of the Incheon City Government on July 27, seizing evidence materials such as mobile phones and computers. Yoo Jeong-bok and his wife were accused of transferring 21,000 crypto assets held to overseas exchanges and deliberately concealing them in the property declaration for the June 3 local election candidates, suspected of violating the Public Official Election Act.

The Incheon City Election Commission determined that the property declared in his election bulletin was about 78 million Korean won less than the actual property, and issued a correction announcement and submitted an additional accusation letter one day before the election. Currently, the police have questioned Yoo Jeong-bok and his wife as well as the reporting party, and the investigation is still ongoing.

Previously, it was reported that someone accused the South Korean Incheon mayoral candidate of falsely declaring property, suspected of involving undeclared crypto assets of his spouse.