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An employee of the Korean Woori Bank was arrested for fraud with credit documents, embezzlement of $15 million and using stolen funds to invest in cryptocurrencies.
An employee of Woori Bank's corporate lending department falsified loan documents 35 times between July 2023 and May 2024, police say. Fraudulent loans were issued in the names of 17 clients, including individuals and companies. A bank employee invested the stolen funds in cryptocurrencies. The police did not specify which ones.
The prosecutor's office froze the violator's assets in the amount of about $3.2 million, including deposits on cryptocurrency exchanges, banks and credit companies.
Investigators believe that inadequate management of business processes in the bank contributed to the fraudulent actions. Employees were able to approve urgent loans in the absence of an authorized person, and the bank's headquarters sent borrowed funds directly to branches, rather than to the borrower's account, police say.
A few years ago, a similar story happened in China. An employee of a Chinese bank stole 1.85 million yuan belonging to the organization, which he then invested in bitcoins. However, the violator was not lucky with trading — he lost the invested funds on the fall in the rate of the first cryptocurrency.
An employee of Woori Bank's corporate lending department falsified loan documents 35 times between July 2023 and May 2024, police say. Fraudulent loans were issued in the names of 17 clients, including individuals and companies. A bank employee invested the stolen funds in cryptocurrencies. The police did not specify which ones.
The prosecutor's office froze the violator's assets in the amount of about $3.2 million, including deposits on cryptocurrency exchanges, banks and credit companies.
Investigators believe that inadequate management of business processes in the bank contributed to the fraudulent actions. Employees were able to approve urgent loans in the absence of an authorized person, and the bank's headquarters sent borrowed funds directly to branches, rather than to the borrower's account, police say.
A few years ago, a similar story happened in China. An employee of a Chinese bank stole 1.85 million yuan belonging to the organization, which he then invested in bitcoins. However, the violator was not lucky with trading — he lost the invested funds on the fall in the rate of the first cryptocurrency.
