Prosecutors Add Charges Against Brothers in Woori Bank 70 Billion Won Embezzlement Case... Investigation Concludes

[Asia Economy Reporter Heo Kyung-jun] The prosecution has effectively concluded its investigation by additionally indicting a Woori Bank employee and his younger brother for embezzling company funds worth around 70 billion won. The total number of people prosecuted in this case has increased to 12.

The Crime Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lim Se-jin) announced on the 18th that they have additionally indicted Woori Bank employee Jeon Mo (44) and his younger brother (42) on charges of violating the Act on Concealment and Disposal of Crime Proceeds, related to embezzlement of approximately 70 billion won.

According to the prosecution, from March 2012 to February of last year, they embezzled a total of 70.7 billion won in bank funds, and to conceal their crimes, they are accused of forging documents and laundering money using nominee accounts. The prosecution also indicted Jeon’s attorney Bang Mo (43) without detention on charges of forgery and use of false documents for his involvement in the crime.

Additionally, Yuanta Securities Corporation, where employee Noh Mo (42, indicted in detention) opened nominee accounts for Jeon, was brought to trial under the joint penalty provisions for violating the Financial Real Name Act and the Act on Concealment and Disposal of Crime Proceeds, due to failure in management and supervision duties and inadequate operation of the anti-money laundering system.

Furthermore, Ryu Mo (41), a grade 7 local government official who received a used Mercedes-Benz worth approximately 5.88 million won free of charge from Jeon’s younger brother in June 2020, was also indicted without detention on charges of violating the Improper Solicitation and Graft Act.