4.6 Billion Embezzlement by NHIS Team Leader "Lost 3.9 Billion in Gift Investments"

"No Money Left After Spending It All" Claim
Verification of Statement's Truthfulness Faces Difficulties

A male employee in his 40s, Mr. Choi, who embezzled the largest amount of 4.6 billion KRW from the National Health Insurance Service and fled to the Philippines, testified that he spent 3.9 billion KRW, making the recovery of the embezzled funds difficult.

Choi Mo (center), who is accused of embezzling 4.6 billion won while serving as the head of the Financial Management Team at the National Health Insurance Service, was forcibly repatriated through Incheon International Airport around 5 a.m. on the 17th.
[Photo by National Police Agency]

Mr. Choi, who was extradited to South Korea on the 17th, admitted to all embezzlement charges. It has been 1 year and 4 months since he fled to the Philippines. He also claimed sole responsibility for the crime and said, "I am sorry to the company and the public."

According to the police, Mr. Choi stated that he "spent it all" regarding the 3.9 billion KRW of embezzled funds that have not yet been recovered. He used 50 million KRW for living expenses in the Philippines, and claimed that the remaining 3.8 billion KRW was all lost through virtual asset investments and futures trading, leaving no money left. The police have focused their investigation on tracing the whereabouts of the remaining 3.9 billion KRW, in addition to the 700 million KRW already recovered.

When the police investigated the transaction history during the period of escape through a virtual asset trading company to verify the truth, it was found that the number of transactions reached tens of thousands. Moreover, there were missing records, making it difficult to cross-check the statements. It has not yet been confirmed whether all the investment funds were lost. It is rumored that the police are having difficulties tracking the funds because the company Mr. Choi traded with is overseas.

The police plan to first send Mr. Choi to prosecution applying only the embezzlement charges due to the expiration of the detention period (10 days), and then receive and analyze data again from the virtual asset trading company before additionally sending him for charges under the Act on the Regulation and Punishment of Criminal Proceeds Concealment. The National Health Insurance Service has begun preparing countermeasures in case the full amount of the damage cannot be recovered.

From April 27, 2022, Mr. Choi embezzled 4.62 billion KRW by transferring the withheld payment amounts for seizure medical fees from 17 medical institutions to his own account in seven installments, then fled to the Philippines. This was the largest amount of embezzlement that occurred within the Service. Despite the embezzlement continuing for about five months, it was confirmed that the internal audit system of the Service did not function properly, raising concerns about the absence of a management system within the Service.

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