A professor warns of a crypto link, stating that although 3,966 cases have been reported, “real figures may be much higher.”
According to a South Korean expert, one of the reasons why there are more embezzlement cases these days is the public’s interest in cryptocurrency.
Per Herald Kyungaje, recently released prosecution service data shows that criminal cases related to “embezzlement and breach of trust” in the nation rose 29% year-on-year in 2023.
South Korean Embezzlement Cases: ‘Employees Tempted to Buy Crypto and Stocks’
In total, the service dealt with 3,966 cases in 2023, with data for 2024 not yet publicly available.
According to the media outlet, this number does not include “simple embezzlement cases” involving “lost property.”
It also excludes cases that are settled out of court. As such, the newspaper wrote, “the number of embezzlement and breach of trust cases actually occurring in companies is likely even higher.”
Park Ki-tae, a doctor of criminology and adjunct professor at Dongguk University, was interviewed by the same media outlet.
Park, also a former director of the National Police Agency’s Audit Office and now the CEO of an embezzlement detection software firm, said that many domestic firms have “weak embezzlement prevention systems.” The expert said:
“Economic uncertainty has persisted after the coronavirus pandemic. And more employees have been tempted into making speculative investments in stocks, gambling, and cryptocurrencies.”
The expert also claimed that “embezzlement methods” are becoming “more diverse and sophisticated” as “the number of non-face-to-face digital financial transactions increases.”
South Korea’s Constitutional Court will hold another hearing next week before deciding whether President Yoon Suk Yeol should be permanently removed from office for his ill-fated martial law declaration in December https://t.co/ADEQSV3zbu
— Bloomberg (@business) February 13, 2025
Case Numbers Rising Fast
Prosecutors are currently handling “an average of about 11 cases of embezzlement and breach of trust per day,” according to the news outlet us addition.
According to the outlet, that is roughly equal to one case “every two hours.” It added that South Korea was experiencing a “golden era of embezzlement.”
Additionally, according to the data, 216 citizens were taken into custody for violating the law in cases involving embezzlement and breach of trust last year.
Additionally, it demonstrates that the number of cases involving embezzlement and breach of trust exceeding 500 million won ($344,260) increased “by about 40% year-on-year to 612 cases.”
Seoul shares rise to 3-month high amid tariff exemption hope#Kospi #Kosdaq #stocks #updateshttps://t.co/0se75HWPJg
— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) February 13, 2025
Bigger Rises in 2024?
According to news reports from 2024, data from the following year may show even greater increases and closer ties to cryptocurrency.
A bank employee who stole money from his employer to purchase cryptocurrency was given a 15-year prison sentence by a court in December.
Reports that a civil servant embezzled $2.8 million in public health insurance funds earlier shocked the nation.
After converting the funds to cryptocurrency, the civil servant left the nation. He had been residing in an upscale resort in the Philippines when he was later arrested on embezzlement charges.
Prosecutors charged a practicing attorney with embezzlement and fraud earlier this month. Officials suspect the lawyer and five others of operating a $7.9 million “scam coin” sales platform.