Former Saemaeul Geumgo Executive Sentenced to Prison for Facilitating 38 Billion Won Loan with 'Fake Diamonds'

1st Trial: 4 Years Imprisonment and 120 Million Won Fine → 2nd Trial: 3 Years 6 Months Imprisonment and 80 Million Won Fine

A former executive of the Saemaeul Geumgo Central Association, who deceived Cubic by passing off cubic zirconia as diamonds and committed a secured loan fraud worth 38 billion KRW against Saemaeul Geumgo, has been sentenced to imprisonment.

The Supreme Court's 2nd Division (Presiding Justice Kwon Young-jun) announced on the 30th that it upheld the lower court's ruling sentencing former high-ranking executive A of the Saemaeul Geumgo Central Association to 3 years and 6 months in prison, a fine of 80 million KRW, and an order to pay a confiscation amount of 50 million KRW in the final appeal trial on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (such as bribery).

A and four accomplices were prosecuted on charges of committing a loan fraud worth 38 billion KRW against Saemaeul Geumgo using fake diamonds as collateral. Between June 2020 and January 2021, A is accused of accepting a request from a financial broker and using his high-ranking position at the Saemaeul Geumgo Central Association to facilitate loans, including holding a loan product briefing session for C, the CEO of a lending company. During this process, it was revealed that A received 130 million KRW from financial broker B.

The first trial sentenced A to 4 years in prison, a fine of 120 million KRW, and ordered a confiscation amount of 50 million KRW. The second trial mostly upheld the first trial's judgment but reduced the sentence to 3 years and 6 months in prison and a fine of 80 million KRW, considering that 20 million KRW was voluntarily returned. The Supreme Court also agreed with the second trial's judgment.

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