The South Korean government has found hundreds of suspected cases of tax evasion and false reporting in a three-month investigation into speculative acts outside the heavily regulated capital area.

The Land Ministry said on Monday that 244 cases were found from looking into suspicious transactions reported between September and November across 15 areas, including in the central city of Cheonan and the southeastern cities of Ulsan and Changwon.

The inspection - launched in December - focused on the mass purchase of apartment units by individuals or corporations for speculative purposes.

A corporate body was found to have bought ten units in the southeastern city of Daegu in a two-month period from September last year, underreporting the total price of 800 million won as 690 million won to dodge acquisition tax.

An individual was caught purchasing six apartment units, each priced around 100 million won, in Changwon under their company name from last June, to avoid the recently raised acquisition tax for multiple homebuyers.