Bank official indicted for embezzling nearly 140 billion won

The prosecution indicted an employee of BNK Kyongnam Bank on Friday for embezzling 138.7 billion won (US$104 million) from the lender, officials said.

The 51-year-old suspect, identified by his surname Lee, is accused of siphoning off 69.9 billion won between August 2016 and October 2021 from loan payments made by three real estate development companies.

He is also suspected of misappropriating another 68.8 billion won between July 2019 and July 2022 by forging loan documents related to two real estate development projects.

The Seoul Central District Prosecutors Office indicted Lee on charges of embezzlement, document forgery and concealing criminal proceeds. He was arrested on Aug. 24.

According to the prosecution, Lee laundered part of the embezzled money in July and August, when financial authorities began their investigation.

Investigators have discovered 101 gold bars and cash, amounting to 14.7 billion won hidden in three studio apartments.

His accomplice, an employee of Korea Investment and Securities Co., was also arrested on Aug. 31.

Prosecutors said they will conduct further investigations to find out whether additional crimes were committed and to locate any embezzled funds.

Source: Yonhap News Agency

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