South Korean police raid home of former Incheon Mayor Yoo Jeong-bok

The Anti-Corruption and Economic Crime Investigation Unit seized mobile phones and computers during the raids, seeking evidence to determine if the assets were intentionally moved to an overseas exchange to bypass public disclosure requirements. The inquiry follows a criminal complaint filed by the campaign committee of Park Chan-dae, which alleged the former mayor and his wife, identified as Choi, omitted the holdings from their property declarations.

Election authorities previously flagged a discrepancy in Yoo’s filings, issuing a correction notice one day before the vote stating that his reported holdings were roughly 78 million Korean won lower than his actual assets. Officials are now examining whether this gap stems from the undisclosed crypto tokens. Under the Public Official Election Act, knowingly providing inaccurate financial information to voters can trigger criminal charges. While the investigation remains active, police have not yet announced whether formal charges will be filed against Yoo or his associates.