© feng yu Business | February 28, 2017

Interpol looking for ABB embezzler

ABB has been the victim of a massive fraud at its South Korean subsidiary, as evertiq reported a few days back. Now Interpol is looking for the suspect.
The company's local treasurer is suspected of having embezzled up to USD 100 million and having fled the country.

New reports now suggest that the man has fled to Hong Kong – which is described as a hub for money laundering and smuggling. The man is wanted by Interpol.

Swedish financial newspaper Dagens Indusrti (DI) says that ABB has widened the scope of the investigation to include themselves and suspected accomplices within ABB in South Korea.

Saswato Das, Head of External Communications and Content told DI that this is a very sophisticated criminal scheme. And given the scale of the fraud, the investigation has been expanded to accomplices, both internally and externally.

According to unnamed sources at the police in Cheonan, where the subsidiary is located, the man has fled to Hong Kong – known for its free trade and weakly regulated markets and often used to smuggle out capital, DI reports.


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August 22 2017 10:36 AM V8.6.0-1