IBK Industrial Bank Reports Financial Fraud Involving 4.8 Billion Won

IBK Industrial Bank has reported a financial fraud incident involving approximately 4.8 billion won (about $4 million).

On June 22, the bank disclosed that the fraud was perpetrated by an external party. The total amount involved is 4.785 billion won, and the incident occurred between May 3 and December 16, 2024.

The fraud was uncovered during the process of submitting documents to investigative authorities. An internal investigation is currently underway, and the estimated loss amount has not yet been determined.

A bank official stated, "As the investigation by the authorities is ongoing, we plan to file criminal charges and take legal action as soon as the fraud by the external party is clearly established. Since there is real estate collateral involved, we will proceed with measures to secure our claims according to the procedures."

Previously, Woori Bank reported a similar incident on June 17, involving a fraudulent discount sale scheme that resulted in a loss of 4 billion won. This scheme typically involves submitting false documents to banks, claiming higher sale prices for unsold properties that are actually sold at lower prices, thereby obtaining larger loans and misappropriating funds.