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South Korean police said yesterday they have busted a 15-member group that faked the adoption of children to pull off a real-estate scam.
The ring earned about 480 million won ($479,520) abusing a housing law that gives preference to a private home buyer with an adopted child or children.
The ringleader was arrested while 14 others, including real estate brokers and a loan shark, were charged but not detained, said a spokesman for the Seoul Metropolitan Police Agency.
Government anti-speculation regulations fix the price of some privately built apartments and reserve a percentage of homes for what are seen as deserving applicants.
Officials are trying to overcome a traditional reluctance in South Korea, which places great stress on family bloodlines, to adopt children.
Officials are trying to overcome a traditional reluctance in South Korea, which places great stress on family bloodlines, to adopt children.
Police said a street vendor visited the loan shark last July and received 10 million won. In return he waived his rights to his daughters and let a street cleaner “adopt” them.
The street cleaner used the adoption document to secure rights to buy a luxury condominium but resold the rights to a high school teacher.
Using fake adoption documents, the ring obtained the right to buy 21 apartments in Seoul and nearby cities.
The street cleaner used the adoption document to secure rights to buy a luxury condominium but resold the rights to a high school teacher.
Using fake adoption documents, the ring obtained the right to buy 21 apartments in Seoul and nearby cities.
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