The investigation showed that the lack of proper management and supervision within the bank facilitated these fraudulent activities. Authorities have managed to freeze assets valued at $3.2 million.
A bank employee in South Korea He was arrested for embezzling $15 million and allocating funds to cryptocurrencies.
The defendant, an employee of Woori Bank’s Gimhae branch, manipulated loan documents, managing to embezzle 18 billion yen (approximately US$15 million). Over a period of 10 months, from July 2023 to May 2024falsified loan documents on 35 occasions, using the names of 17 clients, both individuals and companies.
The investigation showed that a lack of proper management and oversight within the bank facilitated these fraudulent activities. Irregularities included rushing loans without proper authorization and sending funds directly to branches instead of to borrowers’ accounts.
Cryptocurrencies and the fraud dilemma
Authorities have managed to freeze assets valued at $3.2 million, including deposits in cryptocurrency exchanges, banks and loan companiesusing asset seizure and preservation measures.
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South Korea’s Financial Supervisory Service is implementing a system to monitor unusual activities in cryptocurrency trading, seeking to improve transparency and oversight in the country’s crypto market.
The agency has asked domestic trading platforms to share internal data with the new system to ensure compliance with the legislation that comes into force on July 19.
Source: Ambito
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