New evidence reveals the size of the crypto investment fraud of the South Korean civil servant

New evidence has emerged that the full size of the schedule of a South Korean civil servant revealed to obscure $ 342,000 (497.16 million Korean) in public funds for personal crypto investments, including essential donations of flood repair.

Last December was the unnamed official – person with person A – was condemned Up to five years in prison for embezzlement of the city budget and public organization, where the case is now being assessed in the Supreme Court, where the ruling can be expanded or destroyed.

While the blackout activities of the civil servant took place for six years, from November 2018 to May 2023, the full scope of the crimes – including the embezzlement of the flood donation – was only revealed in the Council of Audit and Inspection (BAI) audit report issued On Tuesday.

South Korea has struggled with transparency issues in public office, as evidenced by the recent case of the former Democratic party member Kim Nam-Guk, who was cleared After they have been accused of moving crypto income from the books.

The Cheongju officer used forged documents and unauthorized use of the mayor’s seal to open a bank account in the name of the town hall, which intercepted funds, according to a Yonhap news news report.

The stolen money was then cleared in investments in crypto and was used to pay off personal debts, probably collected from poor investment decisions.

This included significant parts of money from flood repair donations, which were desperately needed after the province of North Chungcheong suffered serious floods in July 2023.

Cheongju is the capital and the largest city of North Chungcheong.

From July 18, 2023, the Board of Audit and Inspection (BAI) reported 49 kill nationwide in the catastrophic flood, in which the province of Noord -Chungcheong suffers the highest toll of 19 fatalities.

The BAI study showed that the civil servant not only had access to various Cheongju City Hall seal dogs, but also to seals of external business operators.

That enabled him to circumvent the right channels and to darken funds at several times, according to the report.

The BAI report pointed out that he was able to falsify project costs and to approve electronic transactions without proper supervision of his superiors, who have not verified the legitimacy of these requests.

The mayor’s seal was often left unattended, without the correct security measures, and the direct superiors of the civil servant failed to correctly manage the accounting procedures and to verify the expenditure per BAI.

As a result of the investigation, the City Hall of Cheongju was instructed to dismiss the official from his position and to take disciplinary measures against other officials involved.

Published by Sebastian Sinclair