Prosecutors are seeking an arrest warrant for Kim Man-bae for hiding criminally acquired profit and destroying evidence in the case of the Daejang-dong land development scandal.

The Seoul Central District Prosecutors' Office on Tuesday filed for the court-issued warrant for the biggest shareholder of the asset management company Hwacheon Daeyu at the center of the scandal.

Kim is accused of hiding checks worth a total of some 34 billion won, or nearly 27 million U.S. dollars, in profits in connection to the Daejang-dong development project inside a studio apartment leased under a false name as well as in a rented safe deposit box between October 2021 and November 2022.

He is also suspected of ordering an interior business owner, identified by the surname Kim, to discard his mobile phone containing evidence linked to the project in September 2021.

Last December, Kim Man-bae allegedly asked an acquaintance surnamed Park to conceal a check valued at 14-point-two billion won ahead of an expected preservation of assets for forfeiture by the court.

Kim was previously arrested in 2021 and released about a year later on charges of breach of duty regarding the development project.