Woori Bank Reports $40 Million Financial Fraud Involving Fake Documents

Woori Bank has reported a financial fraud incident amounting to 4.008 billion won (approximately $40 million).

On June 16, the bank disclosed that the fraud stemmed from the submission of false documents by an outsider. The incident occurred between August 19 and August 30, 2024.

The fraud was uncovered during a request for document submission from investigative authorities. Woori Bank is currently conducting its own internal investigation alongside law enforcement inquiries.

A bank official stated, "This incident is related to a discount real estate scam, and some funds may be recoverable due to collateral on commercial properties."

Woori Bank views this incident as a result of external fraud and plans to consider legal actions, including criminal complaints, following further investigation.