Prosecutors Seek 700 Million Won Seizure in Overseas Remittance from BNK Former Manager Accused of Embezzling 130 Billion Won

The prosecution investigating the embezzlement case involving 130 billion KRW at BNK Gyeongnam Bank has detected and frozen $550,000 (710 million KRW) being transferred abroad while tracing the criminal proceeds.

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Seoul Central District Prosecutors' Office's Crime Proceeds Recovery Division (Chief Prosecutor Lee Hee-chan) announced on the 20th that Mr. A, a former head of the Investment Finance Department at Gyeongnam Bank, was found to have remitted $550,000 and that the funds have been frozen.

While tracking Mr. A's concealed assets, the prosecution confirmed that he planned to immigrate to the United States and remitted $550,000 as investment immigration funds. On the 16th of this month, the court issued an order to freeze these funds as part of a provisional seizure.

The prosecution plans to recover the seized assets through criminal judicial cooperation with the U.S. authorities in the future.

According to the prosecution, Mr. A embezzled a total of 138.7 billion KRW from August 2016 to July last year by forging loan repayment documents and requests to execute loans.