Former Incheon Mayor Yu Jung-bok, at the center of allegations of 'virtual asset concealment' that emerged during the June 3 local elections, underwent a surprise police search yesterday (the 27th), entering a phase of forced investigation.

The Incheon Police Agency's Anti-Corruption and Economic Crime Investigation Division conducted a search and seizure on July 27, 2026, at the former mayor's residence and the General Affairs Division office at Incheon City Hall. Former Mayor Yu has been under investigation for allegations of 'virtual asset concealment' that emerged during the June 3 local elections (suspected violations of the Public Official Election Act, etc.).

Police are focusing their investigation on allegations that former Mayor Yu and his spouse (including his wife Choi, surnamed) transferred 21,000 virtual assets they held to an overseas exchange and intentionally omitted them from property declarations as local election candidates. This emerged when an associate of current Incheon Mayor Park Chan-dae reported former Mayor Yu and his spouse about 10 days before the June 3 local elections. Subsequently, the Incheon City Election Management Committee (hereinafter referred to as the Election Commission) also determined there was a possibility of election law violations and proceeded with additional reports.

[Photo=Yonhapnews]

Notably, on June 2, the day before the local elections, the Election Commission determined that the property amount listed in former Mayor Yu's election campaign materials was approximately 78 million won less than the actual amount and issued a correction notice. Given that there was an official judgment from a public institution, the seriousness of these allegations is further highlighted.

Police had previously summoned and questioned the former mayor and his spouse, as well as the reporting party, and secured some evidence materials including mobile phones and computers through yesterday's search and seizure. This search and seizure demonstrates the police's strong determination to clarify the truth of the allegations based on the investigation conducted so far.

Police will focus on analyzing the evidence materials secured from the search and seizure to determine the veracity of allegations regarding former Mayor Yu's virtual asset concealment and violations of the Public Official Election Act. Depending on how the investigation proceeds, attention is being paid to whether it could ring a new bell regarding the official status of the former mayor as well as public officials' obligations to report virtual assets.