Police Raid Headquarters of Gyeyang Electric for Embezzlement of 24.5 Billion Won

Search Conducted at Home of Gyeyang Electric Employee on the 19th

[Asia Economy Reporter Jang Sehee] Police conducted a search and seizure at the headquarters of Gyeyang Electric, where an embezzlement case involving 24.5 billion KRW occurred, on the 22nd.

The Seoul Suseo Police Station has been conducting a search and seizure at the Gyeyang Electric office building located in Gangnam-gu since around 9:40 a.m. that day. A search and seizure at the home of Kim, an employee of Gyeyang Electric’s finance team, was carried out on the 19th.

Kim is suspected of embezzling company funds by adjusting bank balance certificates to match financial statements over six years since 2016. The estimated embezzlement amount of 24.5 billion KRW by Kim, as calculated by Gyeyang Electric, accounts for 12.7% of the company’s equity capital of 192.6 billion KRW.

Kim, who significantly increased the embezzled amount since last year, was reportedly caught during a recent external audit. It is known that Kim used the embezzled money for stock and Bitcoin investments, gambling, and entertainment.

On the 18th, the court issued an arrest warrant for Kim on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement), as requested by the police.

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