Resident sent to prosecutors for leading apartment price-fixing in chat group

Seoul authorities have sent a resident to prosecutors for allegedly leading a price-fixing cartel within an apartment complex's online community. The resident, identified only as 'A', is accused of manipulating the real estate market through a KakaoTalk chat group.

From June to November last year, 'A' allegedly posted messages in the group, which had hundreds of residents, setting a minimum sale price for apartments. Posts like "Over X hundred million won is normal" and "The national standard size must be at least X hundred million won" were reportedly used to discourage residents from listing properties at lower prices.

Furthermore, 'A' is accused of denigrating real estate agents who advertised properties below the suggested minimum. These agents were allegedly labeled as "holding pen real estate" and their legitimate listings were falsely accused of being fake or intended to drive down prices, thereby interfering with their business operations.

The Fair Trade Act prohibits attempts to unduly influence market prices by inducing people not to request brokerage services below a certain price through online communities. Violators face up to three years in prison or a fine of up to 30 million won. The Seoul Metropolitan Government encourages citizens to report illegal real estate activities through its "Seoul Smart Civil Complaint" app or "Seoul Response" platform, offering rewards of up to 200 million won for crucial evidence provided by whistleblowers.