Over 700 individuals have been investigated since an inter-agency government team was launched a month ago to look into charges of real estate speculation at the Korea Land and Housing Corporation(LH).

A senior police official from the National Office of Investigation told reporters Monday that charges have been recognized for 47 of the 746 people probed and they've been handed over to the prosecution. 

Among the others, 63 saw their cases closed with no charges acknowledged while 636 are still facing questioning.

The team has arrested four officials so far from LH and Pocheon City Hall for engaging in property speculation using insider information. Arrest warrants have been requested for two more public officials with the court deliberation taking place on Monday.

At police request, a local court has also issued an order to prevent plots of land from being sold before their possible confiscation, which will depend on the conviction of the arrested suspects. The current market value of the properties is 24 billion won while the suspects purchased them for just over seven billion won.