Lee Jae-myung Warns: Misusing Business Loans for Property Purchases is Fraud

President Lee Jae-myung warned on SNS on the 17th that misusing personal business loans as funds for real estate speculation constitutes fraud, vowing to take strong measures including joint comprehensive investigations by the Financial Supervisory Service (FSS) and the National Tax Service (NTS), criminal prosecution, and loan recovery.

This move comes in response to a surge in cases of personal business loans being diverted for purposes other than their intended use. According to the FSS's review in the latter half of last year, there were 127 such cases, totaling 58.75 billion won, a threefold increase in the number of detected cases and a fivefold increase in the amount compared to the first half of the year. President Lee stressed that the People's Sovereignty Government will not condone such irregular or illegal practices.

The FSS and NTS plan to implement legal procedures without exception, including loan recovery, for all diverted cases identified during the upcoming comprehensive investigation.