40s bank employee sentenced to prison for embezzling 400 million won from bank vault

A bank employee in his 40s, who worked at a bank in Hongcheon, Gangwon-do, has been sentenced to prison for embezzling approximately 400 million won from the bank vault and using it for gambling.

The head judge of the Chuncheon District Court’s Criminal Division 1, Song Jong-hwan, sentenced A (45) to eight months in prison for embezzlement.

A was tried for illegally acquiring cash from the bank vault in December 2024.

According to the indictment, A embezzled a total of 210 million won in cash over six occasions by hiding bundles of 50,000 won bills in his socks.

Additionally, it was revealed that he also concealed and took 150 million won in bank money and 20,000 dollars (approximately 30 million won) that he had stored at his office, using paper bags and coat pockets. In total, A embezzled 391.33 million won.

The embezzled funds were squandered on online gambling.

As the investigation revealed, A primarily used the illegally obtained large sums of cash for online gambling.

This case is seen as a serious violation of professional ethics because he exploited his position as an internal bank employee with access to the vault and cash.

The court explained in the verdict, “The total amount embezzled by the defendant in a short period reached a staggering 400 million won, and out of the 180 million won that the defendant received as a notice of restitution from the bank, only 5 million won has been repaid, leaving the remainder entirely as a loss for the bank,” providing reasons for the sentencing.

Such embezzlement incidents by insiders in financial institutions are seen as a serious issue since they can undermine trust in the financial system.

This case once again emphasizes the importance of strengthening internal control systems in banks and conducting employee ethics training.

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