Girls' Generation Taeyeon was reportedly scammed by a 250-billion real estate fraud. Along with 3,000 victims, the female idol reportedly lost 1 billion won.
According to a report by Ten Asia on October 28, the "Korean Wave Star belonging to a girl group," known as a victim of a planned real estate fraud worth 250 billion won, was found to be Taeyeon of Girls' Generation (SNSD).
The article stated that the female idol suffered damage in connection with a planned real estate fraud case worth 250 billion won, and that the planning real estate company mobilized comedians from KBS public bonds to induce affluents to invest.
SNSD Taeyeon Reportedly Loses 1 Billion Won ($850,000) to Real Estate Fraud
Girls' Generation Taeyeon purchased land in Hanam, Gyeonggi Province, for 1.1 billion won from a large planned real estate group in 2019.
Initially, the plan aims to redevelop the area; however, the land purchased by Taeyeon is a mountainous area designated so that it cannot be repurposed unless it is a military or public domain.
ALSO READ: These K-pop Stars Experience Being Scammed in the K-pop Industry
Under the Forest Conservation Act, it was virtually impossible to develop because it was tied to a "preservation mountain."
It was then revealed that from 400 million won the initial price of the land, the real estate company sold it to Taeyeon for 1.1 billion won three months after they purchased it.
SM Entertainment Shares Official Position About the Incident + Police Release More Details About the Real Estate Scam
As a result of a short call with SM Entertainment, Taeyeon's agency has nothing to say about the unfortunate incident.
"It is difficult for the company to figure it out because it is related to the artist's assets," SM Entertainment said.
On the other hand, According to the police, more than 3,000 people were also scammed by the real estate group, with the promise of having a piece of undisclosed development information about the land.
The real estate company has avoided suspicions of being a fraud by advertising the project on TV in its 20-year tradition and is said to have attracted wealthy investors by featuring a famous comedian from KBS as a salesperson.
As a result of the Ten Asia coverage on this day, the identity of the famous comedian was revealed to be Ahn Su Mi.
She introduces herself as "a land investment expert near stations with an average annual return of 63%" and luring people to invest by saying, "I will tell you about land investment hacking techniques that only the rich know."
The investigative authorities are investigating the four representatives of the group's affiliates on charges of fraud under the Specific Economic Crimes Act and violation of the Farmland Act.
YOU MIGHT ALSO LIKE: Korean Media Outlet Reveals Wealthy Third-Gen K-pop Groups and Idols With Staggering Real Estate Holdings
For more K-Pop news and updates, keep your tabs open here at KpopStarz.
KpopStarz owns this article.
Written by Eunice Dawson
