Accountant Arrested in South Korea Over $350K Crypto Loss

• A church accountant embezzled 480M won in donations between July 2024 and August 2025.
• Funds meant for cathedral construction were diverted into crypto and lost in alleged fraud.
• Mokpo Police expand inquiry into fraudulent investment group linked to the full losses.

A Catholic church accountant in his 60s has been arrested in Mokpo, South Jeolla Province, for allegedly embezzling 480 million won ($350,000) in parish donations. Police announced that the accountant, who managed church accounts, diverted the construction fund into crypto investments. However, the money was lost, leading to his confession and a criminal investigation.

Donations Diverted From Church Construction

According to the Mokpo Police Department, the embezzlement occurred between July 2024 and August 2025. The funds were collected from nearly 1,000 parishioners for a planned cathedral project. Investigators revealed that the accountant disguised the missing funds as payments for land purchases and construction-related costs.

The suspect allegedly transferred money to acquaintances’ accounts before returning it to his control. This method concealed irregularities from priests and parishioners. However, the undercover activity was discovered when internal accounting checks revealed discrepancies.

Investment in Crypto Ends in Complete Loss

Police confirmed that the accountant channelled the embezzled donations into crypto after joining an online investment group promising high returns. However, when the group absconded, the investments became unrecoverable.

Police allege these transfers occurred multiple times over more than a year, and stated that the withdrawals appeared normal in routine records and receipts. However, detailed reconciliations later revealed shortfalls in the construction fund. 

The police described the online group as an “investment solicitation” chat room, which promoted coin trading and private deposit requirements. After transfers, the chat room had closed, and communication ceased with the operators, and only at this point, the accountant realized that he had been duped. 

The suspect admitted during questioning that he hoped to increase the money and later restore it to the church. However, the entire 480 million won was lost in failed coin trades. During his confession, he told police he was “blinded by greed.”

Confession to Priest and Ongoing Investigations

The scheme was known when the accountant, under pressure from internal financial reviews, confessed directly to a parish priest. Following the disclosure, church officials reported the case to local authorities. The Catholic Archdiocese of Gwangju has since launched its own audit of church finances.

The archdiocese confirmed that an internal accounting review is underway following the revelations. Authorities also stated the suspect was booked on September 22, and Mokpo Police formally applied for his arrest warrant on September 24.

The Mokpo Police are expanding their investigation to determine if additional crimes occurred and probing several online groups linked to the losses. A decision regarding the suspect’s formal arrest is scheduled for September 25.