50s Sent to Prosecution for Embezzling 4 Billion Won of Saemaeul Geumgo Customers' Money Over 16 Years

Embezzlement and Forgery of Private Documents Charges under the Act on the Aggravated Punishment of Specific Economic Crimes

[Asia Economy Reporter Jang Sehee] An employee who embezzled 4 billion KRW of customers' money from Saemaeul Geumgo over 16 years has been handed over to the prosecution.

On the 14th, the Songpa Police Station in Seoul sent Mr. A, a Saemaeul Geumgo employee in his 50s, to the prosecution without detention on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and forgery of private documents. Mr. B, a fellow employee in his 50s who was Mr. A's superior, was also recognized as an accomplice and sent to the prosecution on the same charges.

Mr. A, who worked at a Saemaeul Geumgo branch in Songpa-gu, Seoul for over 30 years, is accused of secretly embezzling about 4 billion KRW from customers' deposits and insurance subscription fees entrusted when signing up for financial products from 2005 until last year, a period of 16 years.

He reportedly used a Ponzi scheme method, repaying matured deposits of existing customers with the deposits entrusted by customers when subscribing to new financial products. It is also reported that part of the embezzled funds was used for living expenses.

Meanwhile, in April, after embezzlement incidents were repeatedly reported as Mr. A used company funds for his living expenses, he voluntarily visited the police station and confessed to the embezzlement.

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