Alphabiz - Shinhan Bank Reports KRW 2.96 Billion Financial Incident Linked to Loan Fraud

Photo courtesy of Shinhan Bank

[Alpha Biz= Paul Lee] Shinhan Bank disclosed on the 26th that a financial incident involving approximately KRW 2.964 billion (about USD 2.2 million) had occurred.

According to financial industry sources, the incident is related to loan fraud carried out by an external party. The fraudulent activity reportedly took place between August 29 and October 16 last year and was uncovered following the launch of an investigation by law enforcement authorities.

Shinhan Bank stated that the case remains under investigation and that it will pursue appropriate legal action based on the results of both the ongoing probe and its internal review.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)