Police Conduct Search and Seizure at Woori Bank Headquarters and Employee Residences in Connection with 61.4 Billion Won Embezzlement Case (Comprehensive)

Search Conducted at Residence of Sibling Accused of Embezzlement

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[Asia Economy Reporter Gong Byung-sun] The police have launched a search and seizure operation at the Woori Bank headquarters in connection with the embezzlement case involving a Woori Bank employee who allegedly embezzled 61.4 billion won.

On the 2nd, the Seoul Namdaemun Police Station dispatched investigators around 1:30 PM and conducted a search and seizure at related departments, including the Corporate Improvement Department at Woori Bank's headquarters in Jung-gu, Seoul. The police are reportedly securing accounting-related documents that can prove the embezzlement charges against Woori Bank employee Mr. A at the headquarters.

Additionally, the homes of Mr. A, who was arrested on embezzlement charges, and his younger brother are also being searched. A police official stated, "We are securing crime-related materials from the residences of Mr. A and his brother," adding, "It will not take long."

Mr. A, who worked in the Corporate Improvement Department at Woori Bank, is suspected of embezzling approximately 61.4 billion won in three separate instances from 2012 to 2018. After Woori Bank became aware of this fact and filed a complaint on the 27th of last month, Mr. A voluntarily surrendered himself at the Namdaemun Police Station. He was urgently arrested on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and was detained on the 30th of last month. Mr. A's younger brother, who is also suspected of the same charges as an accomplice, was detained the day before.

The funds embezzled by Mr. A are known to be part of the remaining contract money after the failed selection of Iran Entekhab as the preferred bidder for the past sale of Daewoo Electronics. However, due to U.S. financial sanctions on Iran, the funds did not need to be remitted immediately and thus remained in Woori Bank.

Mr. A reportedly stated during the police investigation that he lost all the embezzled money. Some of the embezzled funds were invested in derivatives, and some were invested in a business run by his younger brother, but all ended in failure. It is reported that both Mr. A and his brother generally admitted to the charges during the investigation. However, it was discovered that Mr. A transferred funds twice to an Australian account before surrendering on the 27th of last month.

The police plan to continue tracking the flow of funds even after the search and seizure operation.

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