Prosecutors Conduct Search and Seizure Related to IBK's 24 Billion Won Illegal Loan Allegations
The prosecution has launched a forced investigation into allegations of illegal loans amounting to approximately 24 billion won at IBK Industrial Bank.
The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Joon-dong) conducted search and seizure operations on more than 20 loan officers and borrower-related companies located in Seoul, Incheon, and other areas from the morning of the 17th on suspicion of involvement in illegal loans.
Earlier, IBK Industrial Bank disclosed that a financial accident involving approximately 23.95 billion won occurred in January due to breach of trust in the course of business. It is suspected that current and former employees inflated the value of real estate collateral at branches located in Gangdong-gu, Seoul, from June 2022 to November last year to generate larger loans.
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The Financial Supervisory Service conducted an on-site inspection and referred the case to the prosecution for investigation.
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