New Village Savings Bank executives implicated, ‘
, ‘\t\t\t\t\t\t\tInflating collateral values, former executives of New Village Savings Bank and loan brokers were arrested for illegally causing loans worth 71.8 billion won from the bank.’,
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, ‘The Gyeonggi Northern Provincial Police Agency’s 2nd Anti-Corruption Economic Crime Investigation Division arrested ex-executive A and loan broker chief B of New Village Savings Bank in Seoul for violating the Specific Economic Crimes Punishment Act (fraud, breach of trust, etc.) on the 8th. The police have placed 74 individuals, including real estate agents, appraisers, and nominal renters who were involved, under non-custodial investigation.’,
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, ‘According to the police, B received a request in 2022 from a real estate developer in financial distress to fraudulently obtain loans by falsifying collateral, income, etc., which were known as “operation loans.” B then provided bribes worth around 340 million won to A, who was an executive at New Village Savings Bank at the time, to influence the loan process.’,
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Graphic=Chosun Design Lab Kim Young-jae,
, ‘\t\t\t\t\t\t\t\t\t\tSubsequently, B recruited individuals to borrow their names in order to circumvent loan limits. B proposed to these individuals that he would pay off housing loan interests on their behalf and offer them millions of won in rental income. After a certain period, he also proposed to repurchase the properties from his own company owned by those individuals. It was also found through investigation that B had a pre-selected appraiser inflate the purchase prices of 75 rooms in a used car trading center in Gyeongsangnam-do compared to the actual market prices in the “up” contract.’,
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, ‘A, who received bribes and rewards from B, manipulated the bank’s random selection system for appraisers during the loan process, requesting only a specific appraisal company where a pre-selected appraiser was employed for collateral appraisals.’,
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, ‘Through these means, it was found that A facilitated a total of 75 cases of loans worth 71.8 billion won from New Village Savings Bank. Approximately 8.5 billion won of this amount was confirmed to be paid to B under the guise of brokerage fees. As a result, New Village Savings Bank, where A worked, collapsed in July last year due to a large-scale bad debt and resulted in a “bank run,” leading to a merger with another savings bank.’,
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, ‘The police plan to track down and confiscate criminal proceeds such as bribes and loan brokerage fees and conduct further investigations, including additional charges against the suspects.’,
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