Police investigating the disappearance of a South Korean man are searching a shallow grave on a property in Brisbane’s south-west.

Officers swarmed the property on Dakar Road at Algester in the search for 28-year-old Min Tae Kim, who was reported missing on Monday.

He was last seen at his home at Cannon Hill in Brisbane’s south-east on Monday and his flatmate has told police Mr Kim had arranged to exchange $15,000 for Korean currency with someone he met online on the afternoon he disappeared.

Detective Inspector Rod Kemp told reporters at a press conference that police could not confirm it was Mr Kim’s remains within the grave.

“We’ve found what we believe to be a shallow grave, we’re not sure what has been found at this time, we don’t know whether there’s human remains,” he said.

“I’ve … spoken to the forensic officer, and he said it could be well into tonight and in fact until tomorrow morning before a body can be exhumed.”

The man’s disappearance comes less than a month after South Korean student Eunji Ban was murdered in an inner Brisbane park.