Police Raid Former Incheon Mayor Yoo Jeong-bok Over Alleged Failure to Report Virtual Assets

The Incheon Police Agency conducted a search and seizure operation on the 27th at the residences and offices of three current and former associates to verify whether former Incheon Mayor Yoo Jeong-bok intentionally omitted his virtual assets from his asset declaration during the 8th simultaneous local elections.

The core issue in the police investigation is whether Mr. and Mrs. Yoo intentionally failed to report 21,000 virtual assets they owned—transferred to an overseas exchange—on the candidate asset registration form filed in May.