IU Responds To Accusations Of Investment Fraud

IU has responded to the rumors of her committing investment fraud!

On January 7, news outlet Sky E-Daily reported that IU was among those who benefitted from the opening of new high-speed rail system GTX lines. Three new lines that connect Seoul to the outskirts of Gyeonggi Province are currently being developed, and the report stated that the land that IU bought in January 2018 was included in one of the cities that the new lines will pass through.

As a result, the land that IU bought at 4.6 billion won (approximately $4,128,454) is now estimated to be at a market price of 6.9 billion won (approximately $6,192,750), which is 2.3 billion won (approximately $2,064,411) more than what she originally paid.

On the list of people who benefitted from the opening of new GTX lines, IU was the only celebrity and female. Reports further stated that she also received the biggest benefit.

Following the reports, speculations arose among netizens that IU committed investment fraud. People argued that the singer must have been tipped off about the cities that the new GTX lines will pass through. In the end, they accused her of buying the land with the intention to sell it off at a higher price in the future.

In response, IU’s agency strongly denied the allegation. The agency said, “It is true that IU bought a building near Gwacheon, Gyeonggi Province last January. However, she only bought it for her personal use.”

They continued, “The building currently has IU’s personal studio and a room with 4-5 private practice booths for her junior artists for whom she provides support. The rest of the building space is being used as an office for her mother’s business.”

They concluded, “She has no intention of selling it at any time soon. Also, the profit of 2.6 billion won is impossible. The information itself is not correct. The only reason she chose the location is because it’s close to her home in Bangbae.”

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