Bank Employee Sentenced for Squandering 2.7 Billion KRW in Cryptocurrency Through 'Self-Loans' Under Family Names

Approximately 2.7 Billion Won Embezzled by Forging Agreements Using Stolen Identities Including Mother’s Name

[Image source=Yonhap News]

[Asia Economy Reporter Yoon Seul-gi] A bank employee in his 40s who borrowed about 2.7 billion won under his family’s name and squandered it on cryptocurrencies after failing in stock investments was sentenced to prison.

The Jeju District Court’s 2nd Criminal Division (Chief Judge Jang Chan-su) announced on the 9th that it sentenced NH Nonghyup Bank employee A (40) to five years in prison on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust) and others.

The court stated the sentencing reasons, saying, "The defendant admits to the crime and shows remorse," but added, "Although some of the loan was repaid, significant damage has been caused not only to the defendant’s family but also to the defendant’s colleagues, and no settlement has been reached with the victims."

Earlier, A is accused of forging agreements and other documents to fraudulently obtain about 2.75 billion won in loans seven times from October 2019 to March this year by using the names of relatives, including his mother, while working in loan services at an NH Nonghyup Bank branch in Jeju.

Investigations revealed that as A’s financial situation worsened due to repeated stock investment failures, he continued stock investments by taking out loans, and when circumstances became unfavorable, he committed the crimes. The embezzled funds were used for cryptocurrencies and other purposes but were eventually squandered as well.

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