Employee indicted for embezzling 8.1 bln won in company funds

The head of a company's financial department has been indicted after he was arrested while trying to buy a luxury item just three hours after stealing 8.1 billion won (US$6 million) in company funds. The suspect, surnamed Kim in his 30s, who worked at Bifido Co., a KOSDAQ-listed health functional food company, allegedly withdrew the money from the company's account and put it into his account and fled on June 26. After receiving a report from the company, police immediately placed a travel ban on Kim and froze his account. Kim was ultimately caught just three hours later while purchasing a luxury watch at a department store in Seoul with the stolen money. The man has admitted to the crime during questioning, officials said. The Seoul Gangnam Police Station referred the suspect to prosecutors under physical detention last month, and the prosecution recently indicted him. Source: Yonhap News Agency