Former Head of Ebest Investment & Securities Arrested for Accepting Hundreds of Millions in Bribes After Issuing Loans

Direct Investment in Development Projects and Loan Arrangements
Prosecution Accelerates Investigation into Illegal Loans in the Financial Sector

A former head of an investment company was arrested on charges of receiving hundreds of millions of won in bribes from a developer in exchange for providing loans.

Seoul Central District Prosecutors' Office. Yonhap News Agency

According to the legal community on the 16th, Judge Jeong Jae-wook, who is in charge of warrants at the Seoul Central District Court, issued an arrest warrant on the 15th for Nam Mo, a former head of eBest Investment & Securities, who is accused of accepting bribes. Judge Jeong stated that the warrant was issued due to concerns that evidence might be destroyed.

Earlier, the Seoul Central District Prosecutors' Office revealed that Nam is suspected of receiving hundreds of millions of won from two developers between 2018 and 2022 in exchange for providing loans, directly investing in development projects, and arranging multiple loans.

The prosecution has been investigating since last year on suspicions that Nam and others misappropriated loan funds by using insider information obtained while handling real estate project financing (PF) projects.

Recently, the prosecution has been conducting investigations into illegal loan scandals in the financial sector. On the 11th, a bank deputy manager was arrested on charges of illegal loans and bribery, and related raids were also conducted.

A prosecution official stated, "The Financial Supervisory Service has requested investigations into several cases related to illegal loan scandals in the financial sector," adding, "We will continue to investigate the requested matters."