Nonghyup Employee Embezzled 100 Million Gradually from ATM: "Invested in Stocks"

NongHyup Central Association Files Criminal Charges After Employee Detection
245 Cases of Embezzlement and Breach of Trust by Executives from 2017 to 2021

An employee of a local NongHyup branch in Seoul was caught embezzling approximately 120 million won using an automated teller machine (ATM), prompting the NongHyup Central Association to launch an audit.

According to the NongHyup Central Association on the 19th, employee A at a local NongHyup branch in Seoul confessed to gradually withdrawing cash from the ATM since March, taking about 120 million won.

NongHyup Central Association Headquarters
Photo by NongHyup Central Association

The irregularity was discovered during a cash inspection at the branch, and the charges came to light after A’s confession. It is known that he used the amount for stock trading.

The local NongHyup branch has recovered the entire amount of the loss but plans to file charges against A for embezzlement. Additionally, the NongHyup Central Association is conducting an internal audit of the branch. A representative from the NongHyup Central Association stated, "We will ascertain the facts through the audit and take disciplinary action based on the results."

Meanwhile, this is not the first embezzlement case at NongHyup.

Last December, B, who was in charge of cash management at a local NongHyup in Gwangju, Gyeonggi Province, was indicted on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes for embezzling 5 billion won and was sentenced to six years in prison by the Criminal Division 2 of the Suwon District Court Seongnam Branch.

Investigations revealed that B committed embezzlement to purchase Sports Toto lottery tickets. From March to June last year, B gained financial benefits worth about 2.96 billion won through 287 false remittance entries into the integrated work system and unlawfully removed about 2.21 billion won in cash from the bank vault 48 times using the vault key during a similar period.

In addition, in Paju, Gyeonggi Province, local NongHyup employee C was sent to the prosecution on charges of embezzling 7.6 billion won over five years. C, who was responsible for inventory management, embezzled most of the funds by diverting payments for goods purchases and squandered the embezzled money on cryptocurrency investments.

From 2017 to 2021, there were 245 cases of embezzlement, breach of trust, and other incidents committed by executives and employees across the entire NongHyup system, with total damages amounting to 60.8 billion won.

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