Employee of BNK Gyeongnam Bank Indicted Without Detention for Embezzlement of 50 Billion KRW

The prosecution investigating the embezzlement of a real estate project financing (PF) loan worth 50 billion won at BNK Gyeongnam Bank has indicted a mid-level executive of the bank suspected of siphoning off the funds on the 16th.

The Crime Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lim Se-jin) indicted Lee Mo (51), head of the Investment Finance Department at Gyeongnam Bank, without detention on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.

According to the prosecution, Lee is accused of using 5 billion won, which BNK Gyeongnam Bank managed and was loaned to a developer from four savings banks in July-August 2008 for a golf course development project, for personal purposes such as stock investments. He has been under investigation for embezzling and misappropriating a total of 56.2 billion won over approximately 15 years from 2007 to April this year while handling real estate PF operations.

Previously, the Korea Deposit Insurance Corporation detected Lee's suspicious activities and requested an investigation by the prosecution. BNK Gyeongnam Bank also filed a complaint against him. On the 2nd, the prosecution conducted searches and seizures at Lee's residence, office, and the Investment Finance Department office of BNK Gyeongnam Bank in Seoul.

Considering the statute of limitations, the prosecution plans to first indict Lee on the 5 billion won embezzlement charge and continue the investigation to uncover additional criminal facts and related parties.

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