Authorities have uncovered more than two hundred suspicious real estate transactions involving foreign nationals, including alleged illegal cash transfers and unlicensed rental activity.

The Prime Minister’s Office announced Monday that its real estate oversight team had confirmed 210 questionable cases after reviewing 438 foreign-buyer transactions logged between June of last year and May.

Officials said the suspected violations include illegal inflow of overseas funds, unlicensed leasing, disguised gifting, misuse of loans, name-lending arrangements and false reporting of prices or contract dates.

One foreign buyer allegedly purchased four Seoul homes using nearly six billion won brought into Korea without declaration or supplied through informal currency exchange networks.

Another buyer in his thirties is suspected of using business income routed through a third country to acquire a property worth 12-point-five-billion-won, or roughly 8.5 million U.S. dollars, with unclear funding sources.

Cases will be referred to agencies, including the justice ministry, tax authorities, customs and police, for potential tax probes, criminal investigations and loan recovery, with the government also weighing tougher penalties for illegal foreign property deals.