Standard Chartered worker allegedly pockets customer's cash worth $315,000

By Park Jae-hyuk

A former employee of Standard Chartered (SC) Bank Korea is under investigation for allegedly embezzling $315,000 deposaited by a customer, according to the police and the bank, Tuesday.

The U.K.-based bank's local subsidiary was reportedly unaware of the incident until the former employee left the company in June.

According to Anyang Dongan Police Station in Gyeonggi Province, the former banker surnamed Kim is under investigation for allegedly embezzling the customer's money by forging a private document.

Kim reportedly suggested his client, surnamed Lee, buy fake U.S. treasury bonds for $234,000 in December 2017.

According to the client, Kim deceived her by transferring the money to Lee's second bank account.

When Lee gave $30,000 to Kim to change it to 35 million won, Kim withdrew the 35 million won from Lee's second bank account and pocketed the $30,000, the client claimed.

Lee said Kim embezzled an additional $95,000, when she gave the money to Kim to again invest in the treasury bonds.

The client said she noticed the disappearance of her $315,000, after Kim had left the company.

After Lee reported Kim to the police for embezzlement and the forgery of a private document, both the police and the Financial Supervisory Service launched investigations.

SC Bank Korea said it had referred the former employee to the prosecutors as well.

However, the bank refused to mention details, as the investigation is still underway.

“We are trying to improve our system to prevent any recurrence of a similar incident,” an SC Bank Korea official said.