Company CEO Embezzled Government Subsidies Using Phantom Employees
The CEO of an automotive parts research and development company is under police investigation on suspicion of embezzling labor costs paid through a government subsidy program.
The Anti-Corruption and Economic Crime Investigation Unit of the Gwangju Metropolitan Police Agency announced on the 3rd that they have booked CEO A of a vehicle parts research and development company in the Gwangju area without detention on charges of embezzling employee labor costs paid by government subsidies and are currently investigating.
CEO A is suspected of embezzling labor costs received as government subsidies from 2019 to 2020 by inflating existing employee labor costs or receiving payments under the names of multiple fictitious employees.
The amount embezzled so far is estimated to be about 400 million won.
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The police began the investigation after receiving an internal report and recently secured evidence through forced investigations such as raids, and are tracking the flow of funds.
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