Police probe watchdog official over alleged involvement in loan scam
Seoul - Yonhap
Police said Wednesday that they are investigating a financial watchdog official for his alleged involvement in a large-scale loan fraud by employees of a financially troubled affiliate of telecom giant KT Corp. The case involves employees of KT ENS Co., a subsidiary of the country's No. 2 mobile operator KT Corp., illegally taking out some 1.83 trillion won (US$1.71 billion) in loans from 16 local banks with forged documents between May 2008 and January 2014, the Seoul Metropolitan Police Agency (SMPA) said.
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