A Cumulative Total of 40,936 Jeonse Fraud Victims Identified... 10,718 Fraud-Affected Homes Purchased

658 Victims Officially Recognized in August
Average of 716 Fraud-Affected Homes Purchased per Month

The Ministry of Land, Infrastructure, and Transport announced on September 7 that it held three plenary meetings of the Victim Support Committee during August and officially identified 658 individuals as victims of the jeonse fraud scheme.

Of the 658 cases approved, 627 were new applicants, while 31 involved individuals who were recognized as victims after filing objections to previous decisions.

The Asia Business Daily Database

Since the enactment of the Jeonse Fraud Victims Act in 2023, the committee has cumulatively recognized a total of 40,936 people as victims. These victims have received a total of 77,805 cases of support, including for housing, finance, and legal procedures.

The number of jeonse fraud-affected homes purchased by Korea Land and Housing Corporation (LH) amounts to 10,718 units, with an average of 716 units purchased per month. LH has been exercising its preferential purchase rights during public and private auctions in response to requests from jeonse fraud victims, securing successful bids. The auction gains obtained this way are then applied to the victims’ deposits to help them recover their losses.

In order to accelerate the acquisition of such properties, the Ministry of Land, Infrastructure, and Transport and LH are operating acquisition review meetings and a fast-track system. They have unified pre-acquisition consultations and home acquisition request procedures, and set deadlines for each stage of work processing.

Additionally, in partnership with the Housing and Urban Guarantee Corporation (HUG), they are running a “Safe Contract Consulting Program” at eight Jeonse Fraud Victim Support and Prevention Centers nationwide. This program enables prospective tenants to check the legal status of properties and assess contract risks before signing any agreements. Through these eight centers, prospective tenants can receive analysis of the property’s legal standing and review of lease contract clauses.

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