Financial Accident Involving KRW 9.4 Billion 'Fraud' Occurs at IBK Industrial Bank of Korea

A financial accident involving approximately KRW 9.4 billion has occurred at the Industrial Bank of Korea (IBK).

IBK announced yesterday (the 20th) that a financial accident amounting to KRW 9.43971 billion occurred due to suspected fraud by an external party.

The accident period spans from March 2021 to January of this year, and the expected loss amount has not yet been finalized.

It has been reported that this incident is the same fraud case associated with the financial accident of approximately KRW 583 billion previously disclosed by the Korea Development Bank (KDB) on the 6th of this month.

IBK also explained in its disclosure, "We discovered the financial accident after becoming aware of facts related to the investigation of another financial institution."

A bank official stated, "Currently, it is in a normal credit status with no unusual occurrences such as client delinquencies," adding, "Whether it constitutes fraud will be determined based on the future investigation results."

(Photo provided by IBK, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.