An employee of South Korean NH Bank was accused of stealing $12.5 million from the bank to invest in cryptocurrency. The bank’s internal investigation revealed that Kim had embezzled money by creating fake loans using the names of acquaintances and other individuals, securing non-existent properties as collateral.
The bank’s investigation is ongoing, and there are suspicions that several other employees may be involved. The individual, former loan manager Kim, has now admitted that he lost all of his investments. This comes after another South Korean bank, Woori, suffered a similar breach earlier this year, with a former loan manager accused of stealing $7.3 million to invest in cryptocurrency. As a result, there are calls for boostd impartiality and the strengthening of internal control systems within the banking sector.
