Health Insurance Executive Fleeing Abroad After Embezzling 4.6 Billion Won... Prosecutors Demand 25 Years Imprisonment

Embezzled 4.6 Billion KRW While Serving as Team Leader at NHIS
Embezzled Funds Lost in Cryptocurrency Investments

Choi, a 46-year-old former employee of the National Health Insurance Service (NHIS) who embezzled 4.6 billion KRW and fled overseas, was apprehended after 1 year and 4 months.

On the 28th, Yonhap News reported that during the sentencing hearing held by the Criminal Division 1 of the Chuncheon District Court Wonju Branch (Presiding Judge Lee Su-woong), the prosecution requested the court to sentence Choi to 25 years in prison and order the confiscation of 3.9 billion KRW. Previously, Choi, who was the head of the NHIS financial management team, was indicted in February for embezzling a total of 4.6 billion KRW in 18 instances by manipulating the internal computer network of the NHIS from April to September 2022.

Choi converted the embezzled funds into cryptocurrency to conceal the criminal proceeds. In response, the NHIS reported Choi to the police in September 2022 and pursued civil lawsuits to seize and collect funds from his accounts, recovering approximately 720 million KRW of the embezzled 4.6 billion KRW last year.

After fleeing to the Philippines, Choi was placed on Interpol’s red notice by the police, who formed a tracking team and apprehended him on January 9 at a luxury resort in Manila after 1 year and 4 months. During the trial, Choi admitted to all charges but remained silent about the whereabouts of the remaining money, stating, "I lost everything in futures investments."

It was revealed that Choi committed the crimes to repay debts and invest in cryptocurrency after incurring unmanageable debts due to failed cryptocurrency investments. The sentencing hearing for Choi is scheduled to be held at 1:50 PM on July 18 at the Wonju Branch.

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