Filipino Businessman Extradited to Philippines Over Alleged Embezzlement of Billions in Health Insurance Firm

A 46-year-old Filipino businessman, identified only as Choi, has been extradited back to the Philippines after being accused of embezzling billions of pesos from a state-run health insurance firm while working at National Health Insurance Service.

Background

Choi was arrested on January 9 in Manila and transferred back to South Korea for investigation. According to authorities, Choi allegedly transferred a total of 4.6 billion won (approximately $3.4 million) to his personal account seven times since April 2022 and converted the money into cryptocurrency before fleeing to the Philippines.

Investigation

The health insurance firm filed a complaint in September 2022, prompting an investigation that spanned one year and four months. Choi was located at a luxurious resort in Manila and arrested on January 9.

Key Findings

• Choi allegedly transferred a total of 4.6 billion won to his personal account seven times since April 2022.
• The embezzled funds were concealed after conversion into cryptocurrency.
• Choi apologized to the company and told reporters that he acted alone without any accomplices during an interview upon arrival in South Korea.

Next Steps

When questioned about whether there was any leftover money and why he committed the crime, Choi remained silent. The police plan to investigate where the embezzled funds were used and whether there is any remaining money, aside from the 720 million won already retrieved by the health insurance firm.

Plans for Arrest Warrant

The authorities are planning to seek an arrest warrant for Choi as early as Wednesday evening.