KB Savings Bank Employee Caught Embezzling Billions, Reported to Police... Investigation Underway

[Asia Economy Reporter Kwangho Lee] It was revealed through an internal audit that a KB Savings Bank employee embezzled bank funds amounting to several billion won.

KB Savings Bank announced on the 29th that during an unscheduled internal audit on the 22nd, it confirmed that Mr. A, the head of the Corporate Credit Team, embezzled several billion won and reported the case to the police.

The embezzled amount is reported to be around 8 billion won. The police are investigating on charges including violation of the Act on Aggravated Punishment of Specific Economic Crimes and embezzlement in the course of duty.

A KB Savings Bank official stated, "We confirmed the embezzlement at the end-of-month audit this month, immediately reported it to the police, and placed Mr. A on standby suspension. Since we are covered by comprehensive insurance for financial institutions, considering the deductible, we expect the loss to be around 3 billion won."

He added, "Since this incident is related to loans and not deposit withdrawals, there will be no damage to customers. We will prepare measures to prevent recurrence in the future."

This content was produced with the assistance of AI translation services.