Saemaeul Geumgo Employee Embezzled 4 Billion Won Using Ponzi Scheme... Over Ten Victims (Comprehensive Report 2)

Saemaeul Geumgo "Compensation Work for Embezzled Funds Currently Underway"
Police Conduct Additional Investigation into Use of Embezzled Money and Accomplices

[Asia Economy Reporters Seungseop Song, Sehee Jang] It has been confirmed that about 10 people were affected by embezzlement amounting to 4 billion KRW committed by an employee of Saemaeul Geumgo.

On the 25th, a representative from the Saemaeul Geumgo Central Association stated in a phone interview with Asia Economy, "About ten people were affected by this incident," adding, "We are currently returning funds to the victims, and it is expected that full compensation will be possible soon."

The Seoul Songpa Police Station has been investigating Mr. A, a man in his 50s and an employee of Saemaeul Geumgo, on charges of embezzlement under the Specific Economic Crimes Act since the 29th of last month. Mr. A, who worked at the Saemaeul Geumgo headquarters in Songpa-gu, Seoul for over 30 years, is accused of embezzling more than 4 billion KRW over 16 years from 2005 to last year. The amount yet to be repaid currently stands at 1.1 billion KRW.

It has been confirmed that Mr. A committed the crime targeting customers with whom he had existing relationships. He reportedly used a Ponzi-like scheme, paying maturing product funds to customers with deposits from new subscribers.

Mr. A is said to have turned himself in on the 29th of last month after feeling pressured by the recent arrests of corporate and bank embezzlers. Saemaeul Geumgo has currently suspended Mr. A from his duties and initiated an internal audit.

Mr. A reportedly stated that he used the embezzled money for living expenses and other purposes.

The police plan to continue investigating the usage of the embezzled funds and any accomplices among Mr. A’s superiors. A police official stated, "We are also investigating accomplices, including Mr. A’s superiors."

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