South Korean Bank Employees Embezzled 15 Billion Won to Buy Crypto

Bittime - A bank employee in South Korea has been arrested and charged with embezzling 18 billion won (approximately 13 million US dollars). Then, some of the money is used to buy crypto. What's the chronology? Read this article to find out more!

Fraudulent Loans in the Customer's Name

The bank employee falsified loan documents in the names of 17 customers, both individuals and companies, 35 times from July last year to May this year. 

The fake loan funds were then transferred to his friends' accounts, totaling around 17.77 billion won. 

This forgery process involved fake loan applications and transfers of loan money to accounts controlled by the suspect and his associates.

Investigation and Arrest

The Changwon District Procuratorate's First Criminal Division announced that it has indicted and arrested a Woori Bank employee in his 30s on charges of fraud under the Enhanced Punishment for Certain Economic Crimes Act. 

The employee was accused of embezzling around 17.77 billion won by falsifying loan documents and diverting loan funds to accounts of acquaintances.

Additional Scams

Apart from that, the suspect is also accused of defrauding two individual loan customers from July to September last year by saying that the loan funds that had been deposited needed to be withdrawn temporarily for the next loan process. 

In this way, the suspect managed to embezzle around 220 million won by transferring it to his acquaintance's account.

Use of Crime Proceeds

After tracking the flow of funds, the prosecutor's office and police confirmed that the suspect used approximately 15 billion won to purchase virtual assets, approximately 2.7 billion won to repay loan debts arising from this crime, and approximately 300 million won for personal purposes such as paying rental deposits. and cost of living.

Confiscation and Freezing of Assets

The prosecutor's office succeeded in confiscating 180 million won from the suspect's residence and freezing deposits on virtual asset exchanges, bank deposits, and rental deposits totaling around 4.5 billion won through asset confiscation and freezing measures. 

This step was taken to ensure that the funds obtained from this crime can be returned and used to reduce the losses experienced by the injured party.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement of the price of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.