Prosecutors File Additional Seizure Request for Woori Bank's 70 Billion Won Embezzlement... Hidden Funds Discovered

[Image source=Yonhap News]

[Asia Economy Reporter Heo Kyung-jun] The prosecution has initiated procedures to recover additional funds embezzled by the younger brother, an accomplice of a Woori Bank employee who was arrested and indicted on charges of embezzling approximately 70 billion KRW of company funds.

According to the legal community on the 8th, the Crime Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lim Se-jin) discovered tens of billions of won in embezzled funds held under false names by Jeon (43), a Woori Bank employee, and his accomplice younger brother (41), and filed a petition for seizure and preservation with the court.

Seizure and preservation is a measure that prevents suspects or defendants from arbitrarily disposing of assets obtained through criminal activities during the trial process.

Earlier, at the police's request, the prosecution also filed for seizure and preservation of assets worth approximately 6.6 billion KRW, including apartments, vehicles, and unlisted stocks registered under the names of the Jeon brothers and their family. Additionally, on the 29th of last month, a search and seizure was conducted at Seoul Detention Center where the Jeon brothers are incarcerated, as well as at their and related parties' residences, securing cash worth about 100 million KRW and luxury items, and further confirming hidden assets worth tens of billions of won.

The Financial Supervisory Service confirmed and notified the prosecution that the embezzlement occurred eight times over eight years from June 2012 to June 2020, with the total embezzled amount reaching 69.73 billion KRW.

Based on the scale and duration of the crime, the use of overseas paper companies, and multiple suspected false-name accounts, the prosecution is investigating the possibility of accomplices assisting in the crime.

According to financial authorities, most of the money embezzled by Jeon was a contract deposit that Woori Bank had to return to Entekhap, an Iranian home appliance company involved in the sale of Daewoo Electronics.

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