An embezzlement case involving approximately 2 billion won has occurred at the internet-only bank Toss Bank, prompting a police investigation.
On June 19, the Gangnam Police Station in Seoul announced that it had received a report from Toss Bank regarding an employee suspected of embezzlement and is currently investigating the case.
According to the police, the head of the finance team at Toss Bank is suspected of embezzling about 2 billion won in company funds on June 13. It is reported that this employee used the internal system to coerce other team members into providing access privileges, and then transferred money from Toss Bank's corporate account to their own personal account.
Toss Bank discovered the embezzlement on June 14, just one day after the incident, and attempted to locate the employee, but confirmed that the individual had died. As the employee is deceased, the embezzlement case is expected to be closed with 'no right of prosecution.'
However, the police plan to continue investigating to determine how the transferred funds were used and to trace the flow of the money. A police official stated, "We cannot confirm details as the investigation is ongoing."
Toss Bank has also reported the incident to financial authorities, independently of the police investigation. A Toss Bank representative said, "We regret causing concern due to this unfortunate incident," and added, "There is no damage to customer assets."
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