40s KB Savings Bank Employee Arrested for Embezzling 9.4 Billion KRW for Gambling

Suspected Fraud and Forgery of Private Documents under the Special Act

[Asia Economy Reporter Jang Sehee] A KB Savings Bank employee who embezzled company funds for six years has been arrested.

On the 8th, the Songpa Police Station in Seoul announced that they had arrested Mr. A, a man in his 40s and an employee of KB Savings Bank, on charges of fraud and forgery of private documents under the Act on the Aggravated Punishment of Specific Economic Crimes (Special Act) the previous day.

Mr. A, who was in charge of corporate finance at KB Savings Bank, is accused of embezzling a total of 9.4 billion KRW by forging internal company documents while lending funds to companies from May 2015 to October last year, a period of six years. It was found that Mr. A squandered more than 90% of the embezzled money on gambling. Police investigations confirmed that there were no accomplices.

The police began the investigation in December at the company's request and recently applied for a pre-arrest warrant for Mr. A. On the 7th, the Seoul Eastern District Court conducted a pre-arrest suspect interrogation (warrant hearing) for Mr. A and issued the warrant, citing "risk of flight."

A police official stated, "So far, it has been confirmed that there are no accomplices," and added, "After completing additional investigations, we plan to transfer the case to the prosecution soon."

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