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A view of Woori Bank headquarters (Photo courtesy of Woori Bank) |
[Alpha Biz= Kim Jisun] Prosecutors have again requested a heavy sentence in the appeals trial of a former Woori Bank employee accused of embezzling KRW 17.7 billion (approximately USD 13 million) in fraudulent loans.
During a sentencing hearing held Wednesday at the Changwon branch of the Busan High Court, prosecutors urged the court to impose a 20-year prison sentence on the defendant, a man in his 30s identified as “A,” who was charged with violating the Act on the Aggravated Punishment of Specific Economic Crimes (Fraud).
A was indicted for fabricating 35 loan applications under the names of 17 individuals and companies between July 2023 and May of last year. He allegedly diverted the loan funds, totaling KRW 17.77 billion, for personal use.
In addition, between July and September 2023, he contacted two personal loan clients and deceived them into temporarily transferring KRW 220 million to an acquaintance’s account, claiming it was needed to complete remaining loan procedures.
A falsified documents such as credit transaction agreements using the identities of existing loan recipients and submitted them to Woori Bank headquarters, making it appear as if the applications were legitimate.
Most of the stolen funds were reportedly invested in cryptocurrency.
In the first trial, the court sentenced A to 15 years in prison, stating, “He betrayed the trust of clients who relied on him for their loan needs and significantly damaged the credibility of the bank and the financial market.”
At Wednesday’s hearing, A appealed for leniency, expressing remorse for his actions.
The appeals court is scheduled to deliver its verdict on May 14 at 2 p.m.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
