Father Who Hid Illegal Gambling Proceeds for Son Has 7 Billion Won Confiscated by Prosecution

Purchased High-Value Apartment with Illegal Gambling Proceeds
Full Amount of Criminal Profits Recovered

The prosecution has confiscated approximately 7 billion won in criminal proceeds from a father who had concealed the profits of his son's illegal gambling site operations.

Prosecutor Image. Photo by Yonhap News Agency

According to Yonhap News Agency on August 5, the Criminal Proceeds Recovery Division of the Busan District Prosecutors' Office recovered the entire amount—about 7 billion won in profits from illegal gambling site operations—that had been hidden by Mr. A, a man in his 60s.

Mr. A received funds from his son, Mr. B, who operated illegal gambling sites, and concealed the proceeds by purchasing an apartment in Busan valued at around 4.5 billion won and investing about 2.5 billion won in financial products. Since 2017, Mr. B had operated sixteen illegal gambling sites by placing servers and offices in the Philippines, amassing significant profits. He is currently on the run abroad.

During the investigation, prosecutors froze Mr. A's assets—including the real estate in question—and proved that they were acquired with criminal proceeds. A forfeiture ruling was secured. All of the approximately 7 billion won in illicit earnings was transferred to the national treasury the previous day.

Mr. A was given a confirmed prison sentence of two years for violating the Act on Regulation of Concealment of Criminal Proceeds and related charges.

This content was produced with the assistance of AI translation services.