Corporate Employee Embezzled 400 Million Won Using Insider Information... Police Investigation

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] An employee of a major cosmetics company A, who embezzled about 400 million won using insider information, is set to be investigated by the police.

On the 12th, the Yongsan Police Station in Seoul announced that they are investigating employee B of company A and B's wife on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

B and others were accused in October last year. According to the police, B demanded money from C, who runs a cosmetics export business, emphasizing his acquaintance with executives and insider information. C, who was defrauded of about 400 million won due to the fraudulent act, is reportedly facing bankruptcy.

A police official stated, "It appears that there is no significant relationship between B and the headquarters," and added, "We will uncover the charges through the investigation."

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