Bank manager busted for embezzlement

The Seoul Metropolitan Police Agency arrested Song Jae-Chun, 36, manager of the Chongju Branch of the National Federation Livestock Cooperatives, on charges of embezzling and swindling several billion won through a means of receiving loans with a fake deposit certificate as collateral after plotting with a private loan broker.

The police also put three others, including the broker, identified just as Chung, 31, on the wanted list.

According to the police, Song allegedly issued a 5 billion won-denominated fake deposit certificate to Chung last June, and Chung attracted 4.5 billion won in loans from a Banpo branch of a bank by using the certificate. And Song allegedly embezzled 2.5 billion won in cash out of the money.

The police, which had launched an investigation after receiving a relevant tip, arrested Song, who was trying to convert 2 billion worth of bearer certificates of deposit that he had received in addition to the 2.5 billion won into cash at a 15 percent discount in the private money market.