SM Entertainment responded after Girls' Generation member Taeyeon's name was mentioned in the list of individuals who recently fell victim to a real estate scam.

On October 28 KST, one exclusive media outlet reported that a famous Hallyu star, belonging to a girl group, suffered financial damages from a real estate scam worth 250 billion won (~$213 million USD). They reported that according to the police, the total number of victims in this scam amounted to around 3,000 individuals. Further, it was reported that the person who initiated the scam mobilized famous comedians from the KBS broadcast station to induce investments from the wealthy.

According to the report, the land in question, which is impossible to develop as it is tied up as a "conservation mountain" under the Forest Conservation Act, is currently under the ownership of Hallyu star 'A'. The real estate company originally bought the land for 400 million won (~$340,895 USD), and then sold it to 'A' for 1.1 billion won (~$937,462 USD) three months later, back in 2019. A former employee of the real estate company stated, "The employee in the department next to me is an acquaintance of 'A's father, so I am aware that 'A's father heard from the employee and bought [the land] under 'A's name." In particular, the media outlet revealed the Hallyu star 'A' as Girls' Generation's Taeyeon.

In response, SM Entertainment stated, "It's difficult for the company to have a grasp on the issue because it is related to the artist's personal assets."

Stay tuned for updates.