The scale of the fraudulent loan case involving former and current employees of IBK Industrial Bank, a state-run bank, has more than doubled from the initially reported amount of KRW 24 billion.
According to the financial sector on the 7th, the Financial Supervisory Service (FSS) uncovered additional instances of fraudulent loans during its on-site inspection of IBK Industrial Bank.
An FSS official stated, "During the inspection, we found that the scale of the incident exceeded twice the previously announced amount, and the number of implicated employees has also increased."
Financial authorities are currently investigating whether additional employees are involved beyond those already identified. They are also reviewing other loans handled by the implicated employees.
A financial authority official remarked, "As more testimonies emerge, further inspections have become inevitable."
Previously, on the 9th, IBK Industrial Bank disclosed a fraudulent loan case amounting to KRW 23.95 billion. The key allegation involves a retired employee colluding with a current employee to inflate real estate collateral values to secure loans.
The fraudulent loans were issued between June 2022 and November 2 of last year, with multiple branches in the Gangdong area of Seoul reportedly involved.
IBK Industrial Bank detected the issue during its regular internal audit and reported it to the Financial Supervisory Service, prompting the FSS to launch a special inspection.
The FSS has since deployed a large inspection team to IBK Industrial Bank’s headquarters and branches in the Gangdong area for further investigation.
An FSS official stated, "We are also investigating the possibility of familial relationships between loan applicants and bank employees," adding, "Based on the inspection results next week, we will determine whether to extend the investigation."
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IBK’s KRW 24 Billion Loan Fraud Expands… FSS Investigates < Finance < ENGLISH NEWS < 기사본문 - 산경투데이
IBK’s KRW 24 Billion Loan Fraud Expands… FSS Investigates
The scale of the fraudulent loan case involving former and current employees of IBK Industrial Bank, a state-run bank, has more than doubled from the initially
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