District Office Official Embezzled 11.5 Billion Won... "Lost 7.7 Billion Won in Stock Investments" (Comprehensive)

Use of 'Department Work' Account
Gangdong-gu Office, Suspension from Position

[Asia Economy Reporter Jang Sehee] It was confirmed on the 26th that a public official at the Gangdong District Office in Seoul, who is accused of embezzling 11.5 billion KRW in public funds, testified during police investigation that he lost all the money after investing in stocks.

According to the Gangdong Police Station on the 26th, public official A, belonging to the Investment Attraction Division of the Gangdong District Office, stated in the police investigation that he used 7.7 billion KRW for stock investment and lost it all.

Previously, from December 2019 to February last year, for over a year, A embezzled 11.5 billion KRW received from Seoul Housing and Communities Corporation (SH) as part of the cost for constructing a waste treatment facility by Gangdong District. Of this, 3.8 billion KRW was returned to the district office account, leaving 7.7 billion KRW missing.

A was aware that withdrawals were not possible from the district office account receiving the fund, so he used a department business account instead of the fund's dedicated account. He committed the crime by transferring money from the department account, which allowed deposits and withdrawals, back to his own account.

Meanwhile, it is understood that the Gangdong District Office immediately suspended A from his position and excluded him from duties upon recognizing suspicious circumstances of embezzlement, and then reported him to the police.

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