Sejong Large-Scale Real Estate Fraud, ₩9.2 Billion Financial Sector Loss, Including NH NongHyup Bank

 

 

 

 

NH NongHyup Bank has confirmed a financial accident amounting to 1.6 billion KRW in connection with a large-scale fraud case that occurred in Sejong.

On the 11th, NongHyup Bank announced in a public disclosure that an external financial accident had taken place, with the damage amounting to 1,657,620,000 KRW. The incident occurred between May 9, 2022, and August 9, 2023, and the final loss amount has not yet been determined.

Investigations revealed that this financial accident is related to a large-scale real estate fraud case recently uncovered in the Sejong area. The suspects allegedly borrowed identification cards from their colleagues under the pretense of real estate investment and used them to obtain credit loans and jeonse (lease deposit) loans via banking apps without in-person verification.

NH NongHyup Bank was not the only institution exploited in this scheme; KB Kookmin Bank, Shinhan Bank, SC First Bank, and Saemaeul Geumgo were also affected.

The financial accident was uncovered after a victim whose identity was used for loan applications filed a complaint with NH NongHyup Bank.

So far, the total damage to the financial sector is estimated at 9,244,910,000 KRW.

The breakdown of damages by financial institution is as follows: KB Kookmin Bank suffered losses of 2,221,400,000 KRW, Shinhan Bank 1,998,000,000 KRW, SC First Bank 1,467,900,000 KRW, and Saemaeul Geumgo 1,900,000,000 KRW.

A representative from NH NongHyup Bank stated, “We will determine how to handle this financial accident after a comprehensive review of our internal investigation and the police probe.”

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Sejong Large-Scale Real Estate Fraud, ₩9.2 Billion Financial Sector Loss, Including NH NongHyup Bank