Prosecutors Indict Former Bank Branch Manager for '2.4 Billion Won Fraudulent Loan' and Taking Kickbacks Without Detention

[Financial News] A former bank branch manager who conspired with a loan broker to issue fraudulent loans worth 2.4 billion won and received tens of millions of won in return has been indicted without detention.
The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lim Sejin) announced on the 10th that former bank branch manager A was indicted without detention on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement, bribery, and bribery of public officials). Broker B, who requested the fraudulent loan, was also indicted without detention.
A is accused of conspiring with a loan broker to receive a request for a fraudulent loan and using his position as a bank branch manager to issue fraudulent loans worth approximately 2.471 billion won from April 2022 to October last year.
A is believed to have received 57.49 million won in return for issuing the fraudulent loans over 10 occasions.
A prosecution official stated, "We plan to thoroughly maintain the prosecution of this case while taking follow-up measures to recover the criminal proceeds obtained through the fraudulent loans."
welcome@fnnews.com Jang Yuha