200 Billion Won in Additional Loans Amid Ongoing Trial for 180 Billion Won Illegal Lending? Saemaeul Geumgo Reported to Police

National Credit Union Federation Uncovers Criminal Activity Through Audit

Suspects Identified as Members of the "180 Billion Won Illegal Loan" Scheme

Allegations have emerged that executives and employees of Saemaeul Geumgo, who were indicted on charges of illegal loans worth around 180 billion won, and a real estate developer carried out an additional illegal loan of 20 billion won during the course of the investigation.

According to the Gyeonggi Southern Provincial Police Agency on May 16, the Anti-Corruption and Economic Crimes Investigation Unit has booked three Saemaeul Geumgo executives and employees, including executive A, as well as developer B, on charges of breach of duty and violation of the Saemaeul Geumgo Act, and is currently investigating them.

This month, police received a complaint from the National Credit Union Federation of Korea and launched an investigation. The complaint alleges that in December 2024, A and B established multiple paper companies through a technique known as "splitting names," then artificially inflated collateral values and forged documents through circular transactions, ultimately executing 20 billion won in illegal loans.

In particular, the Saemaeul Geumgo branch to which A belongs is known as the same institution where, between 2020 and 2024, a total of 29 individuals—including real estate developers and those who lent their names—conspired with employee C of Saemaeul Geumgo to secure illegal loans totaling 180 billion won. The four individuals who were reported this time are said to be part of the group involved in that scheme. They are currently being prosecuted without detention and are standing trial on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.

The National Credit Union Federation of Korea reported to the police after discovering, during an additional audit, that these individuals had committed separate offenses while under police investigation for the previous case.

The executives and employees, including A, helped facilitate B's requests in order to increase their loan performance figures, while B is found to have invested the funds acquired through these illegal loans into their own development projects. The police are investigating the complaint and plan to summon A, B, and others for questioning soon.

The maximum loan limit for a single borrower at Saemaeul Geumgo is restricted to either 20% of net assets or 1% of total assets, whichever is lower.

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