Employee A, who is accused of embezzling approximately 61.4 billion won over six years at Woori Bank, is being transferred to the prosecution at Namdaemun Police Station in Jung-gu, Seoul on the 6th. Photo by Moon Honam munonam@
[Asia Economy Reporter Gong Byung-sun] Regarding the Woori Bank embezzlement case, the police have applied for pre-indictment seizure and confiscation preservation. They will also engage in international criminal judicial cooperation to verify overseas transaction flows.
According to the police on the 18th, the Namdaemun Police Station in Seoul applied to the Seoul Central District Prosecutors' Office for pre-indictment seizure and confiscation preservation related to the Woori Bank embezzlement case the day before. Seizure and confiscation preservation is a system that prevents suspects from disposing of property gains obtained through crimes.
The total amount applied for is approximately 6.6 billion KRW, including ▲ four real estate properties worth about 4.9 billion KRW registered under the names of suspect Woori Bank employee Mr. A, Mr. A’s younger brother, accomplice Mr. B who invested with Mr. A, and Mr. A’s parents ▲ five vehicles worth about 200 million KRW registered under the names of Mr. A, his wife, his younger brother and his wife, and Mr. A’s mother ▲ unlisted stocks of two companies owned by Mr. A worth about 1.1 billion KRW ▲ bank and securities account balances of Mr. A, his younger brother, accomplice Mr. B, and corporations totaling about 400 million KRW. Among these, the vehicle owned by Mr. A’s wife is reported to be a foreign car.
The police also applied for international criminal judicial cooperation to verify overseas transaction details. Mr. A, who is suspected of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, is confirmed to have used embezzled funds for overseas resort business investments, business investments and corporate operation funds amounting to about 11 billion KRW, and option investment losses of about 32 billion KRW.
A police official stated, "We will continue to track the flow of embezzled funds and apply for additional seizure and confiscation preservation if necessary."
Previously, investigations revealed that Mr. A embezzled company funds three times: 17.3 billion KRW and 14.8 billion KRW by checks in 2012 and 2015 respectively, and 29.3 billion KRW by bank transfer in 2018. Furthermore, on the 16th, the Financial Supervisory Service detected signs of an additional embezzlement of about 5 billion KRW by Mr. A and notified the prosecution, bringing the total embezzled amount to approximately 66 billion KRW.
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