By Kang Shin-who
Staff Reporter

A bank branch chief, suspected of embezzling about 40 billion won ($30 million), took his own life as an internal investigation was launched, police said.

He was found after apparently hanging himself at a mountain at the end of last month.

The 48-year-old branch manager, identified only as Kim, is said to have invested clients money in stocks and funds and recorded losses of about 22.5 billion won.

The financial authorities had started a probe at the branch in Wonju, Kangwon Province.

Bank officials said that the manager is suspected of having taken out the customers’ money at the time that deposits were made at the branch. He is said to have issued fabricated bankbooks to the customers.

kswho@koreatimes.co.kr