Police conducted a search at the home of Yoo Jeong-bok, former mayor of Incheon, along with city offices, amid probes into accusations that he failed to report cryptocurrency assets during last month’s local election disclosures. Investigators are focusing on claims that approximately 21,000 crypto tokens were deliberately left out of asset filings required by election law.
According to South Korea’s Yonhap News Agency, officials from the Incheon Metropolitan Police Agency’s Anti-Corruption and Economic Crime Investigation Unit executed the search, seizing electronic devices including mobile phones and computers. The operation was part of a broader inquiry into whether Yoo and his wife, known only by her surname Choi, violated the Public Official Election Act by transferring their crypto holdings to an overseas exchange before submitting their financial disclosures ahead of the June 3 election.
Authorities have questioned Yoo, his wife, and associates linked to the complainant Park Chan-dae’s campaign as they gather evidence on the omitted assets. Earlier reviews by the Incheon City Election Commission flagged discrepancies, suggesting Yoo’s declared assets were undervalued by about 78 million won. The initial complaint surfaced less than two weeks before voting day, triggering further investigations and police referrals.
