Yeongcheon City Official Investigated for Embezzling $1.8 Million in Public Funds

A civil servant in Yeongcheon City, Gyeongbuk Province, is under intense police scrutiny for allegedly embezzling a staggering 2.5 billion won (approximately $1.8 million USD) in public funds. The 30-year-old employee, who managed accounting duties at an administrative welfare center, is accused of manipulating the local finance management system.

Authorities allege that between November of last year and recently, the official made over 230 transfers, moving the substantial sum into personal bank accounts. The embezzlement was reportedly uncovered during an accounting inspection on the first of the month. Following the discovery, the city officially requested a police investigation on the 14th.

“

Depending on the results of the investigation, the official involved, as well as those who were negligent in their management and supervision, will be strictly disciplined. We will pursue and recover the embezzled funds to the fullest extent of the law using all legal means.

Initial reports suggest that the civil servant invested some of the embezzled funds into cryptocurrency, resulting in significant losses. Yeongcheon City Mayor Kim Byung-sam addressed the situation in a press conference, stating his commitment to holding not only the accused official but also any supervisors found to have neglected their duties strictly accountable.

Mayor Kim also pledged to pursue all legal avenues to track down and recover the misappropriated funds. In response to the scandal, the city has initiated a special audit across all departments, focusing on accounting, fund execution, and contract processes. A task force was formed on the 15th to manage the crisis response, signaling the city's determination to reinforce financial oversight and public trust.

“

We will conduct a special audit on all departments, from towns and townships to the main office, and thoroughly examine all aspects of accounting, fund execution, and contracts, while strengthening public official oversight.