'11.5 Billion Embezzlement' Gangdong-gu Office Official Applies for First Seizure Preservation of 570 Million Won

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The police have requested pre-indictment seizure for Kim Mo (47), a public official at Gangdong-gu Office, who is accused of embezzling 11.5 billion KRW in public funds.

On the afternoon of the 4th, the Gangdong Police Station in Seoul applied for pre-indictment seizure of approximately 570 million KRW related to Kim’s case, including his residence.

Pre-indictment seizure refers to preventing any transfer or sale of assets obtained through a crime before the sentence is finalized, to avoid the assets being hidden or disposed of and thus unrecoverable.

Pre-indictment seizure is decided when the police apply, the prosecution requests, and the court approves it. If the court later issues a guilty verdict in the case, the recovery process proceeds.

Kim is accused of embezzling 11.5 billion KRW sent by Seoul Housing & Communities Corporation (SH) as a fund for building a resource circulation center, transferring the money from the district office account to his own account over about 230 transactions during 15 months starting in 2019.

Of the 11.5 billion KRW embezzled, Kim returned 3.8 billion KRW to the district office account, but 7.7 billion KRW remains unaccounted for. Police investigations revealed that a significant portion of the missing 7.7 billion KRW was spent on stock investments and other uses.

Meanwhile, on the 3rd, the Gangdong Police Station sent Kim to the Seoul Eastern District Prosecutors’ Office on five charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement in the course of duty), forgery of official documents, use of forged official documents, and fabrication and use of false official documents.

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