South Korean prosecutors raid Industrial Bank of Korea for illegal loans worth 24 billion won (South Korea)

South Korean prosecutors have launched a compulsory investigation into IBK Industrial Bank, a state-run bank involved in illegal loans worth around 20 billion won.
On the 17th, the Seoul Central District Prosecutors' Office Anti-Corruption Investigation Division 1 arrested
Police conducted searches of around 20 loan officers and borrower-related companies in Seoul, Incheon and other areas on suspicion of fraud.
In January, Industrial Bank of Japan posted on its website that it had received 23.95 billion won in compensation for breach of trust and other offenses.
The bank announced that a financial accident of approximately 2.45396 billion yen had occurred. A former employee of the Industrial Bank of Korea engaged in real estate transactions at a branch in Gangdong-gu, Seoul from June 2022 to November last year.
The Financial Supervisory Service responded by conducting on-site inspections of Industrial Bank of Japan and requested the prosecution to investigate the matter, which led to the launch of the current investigation.
The prosecution is expected to investigate whether there was any intervention at the corporate banking level in the process of the illegal loans.