Police Complete Search of Woori Bank Headquarters... "Tracking Fund Flow"

[Image source=Yonhap News]

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

On the 2nd, the Namdaemun Police Station in Seoul completed the search and seizure at Woori Bank headquarters in Jung-gu, Seoul, around 5:51 PM. The search began around 1:50 PM and lasted for four hours.

The police focused on securing documents related to the embezzlement by Woori Bank employee A and the PCs used by A during the search at the bank headquarters. A police official stated, "We plan to analyze the materials obtained through the search and seizure," adding, "Future investigations will focus on tracing the flow of funds and determining whether there are accomplices besides A's younger brother."

A is suspected of embezzling Woori Bank funds on three occasions from 2012 to 2018. The funds A embezzled are known to have remained in the bank after Woori Bank's failed attempt to oversee the sale of Daewoo Electronics in the past.

On the 27th of last month, after Woori Bank became aware of the crime and filed a complaint, A voluntarily came to the Namdaemun Police Station and confessed to the crime. Additionally, A's younger brother also visited the Namdaemun Police Station. Both A and A's younger brother were urgently arrested on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and are currently in custody.

It is reported that A stated during the police investigation that all the embezzled money was lost. A is known to have invested part of the embezzled funds in derivatives and in the business of A's younger brother.

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