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(LEAD) Woori Bank employee referred to prosecution for embezzling 60 bln won

All News 14:11 May 06, 2022

(ATTN: UPDATES with details on accomplice in last 3 paras)

SEOUL, May 6 (Yonhap) -- Police on Friday referred an employee of Woori Bank, one of South Korea's largest commercial banks, and his brother to the prosecution on charges of embezzling more than 60 billion won (US$47 million), officials said.

The employee is suspected of having embezzled a total of 61.4 billion won through three occasions, in 2012, 2015 and 2018. He turned himself in last week after learning the bank determined him as a suspect and filed a complaint against him.

Most of the stolen money was found to be from a 57.8-billion won contract deposit that Woori Bank has to return to Iran's largest consumer electronics maker Entekhab Industrial Group in connection with a failed acquisition deal.

His brother was also taken into custody, as some of the funds were transferred to his business.

On their way to the Seoul Central District Prosecutors Office, the suspects stayed silent in the face of reporters' questions, including whether they admit to their charges.

Police said they also detained a full-time personal investor Wednesday for allegedly helping the Woori Bank employee invest the appropriated money on option trading products.

The investor, who met the suspect while working for an unidentified subsidiary of Woori Financial Group between 2003 and 2009, claimed he was not aware of the embezzlement.

Police will continue investigating the possibility of another accomplice and where the money went in order to retrieve it, officials said.

This composite photo shows a Woori Bank employee (L) and his brother, suspected of embezzling company funds, coming out of Namdaemun Police Station in central Seoul to be sent to the Seoul Central District Prosecutors Office on May 6, 2022. (Yonhap)


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