"Not Caught on the Day"...50s Office Worker Sentenced to Prison for Simultaneous Loans of Tens of Millions from 3 Banks in One Day

A loan counter at a bank in downtown Seoul. The photo is not related to any specific expressions in the article. [Image source=Yonhap News]

[Asia Economy Reporter Hwang Sumi] An office worker who concealed the fact that they had already applied for loans and additionally borrowed tens of millions of won from multiple banks was sentenced to imprisonment.

On the 30th, the Ulsan District Court Criminal Division 1 (Presiding Judge Jeong Hangun) announced that it sentenced Mr. A, a man in his 50s who was tried on fraud charges, to six months in prison.

Mr. A was indicted on charges of hiding the fact that he had applied for loans of 35 million won and 10.4 million won at two banks respectively last August and additionally borrowing 35 million won.

On the day of the loan, Mr. A took advantage of the fact that the loan was not confirmed in the financial institution's computer network.

He claimed during the trial that he did not know simultaneous loans were illegal, but the court did not accept this. This was because the bank staff explained the illegality of simultaneous loans during the loan process and confirmed whether he had already received a loan.

The court stated, "The defendant was sentenced to a suspended prison term for obstruction of business in July 2019 and reoffended during the suspension period," adding, "Considering the large amount of damage and the fact that he has not been forgiven by the victim banks, severe punishment is inevitable."

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