The police investigating a 60 billion won embezzlement case at Woori Bank are tracking the funds after taking custody of a bank employee who turned himself in on Wednesday.

According to the police on Friday, they are questioning the employee and his sibling after following leads that a portion of the embezzled money went into the sibling’s business venture. 

The employee admitted to using some of the funds to invest in financial products as well as in his sibling's business, which ultimately failed to pan out. 

Officials reportedly secured records of wire transfers to the sibling's bank account. The sibling is also in custody. 

According to Woori Bank, the employee embezzled over 60 billion won from the company on three occasions in 2012, 2015 and 2018. He worked for the bank for more than ten years.

Most of the stolen money was from a contract deposit that Woori was obligated to return to an Iranian firm participating in an acquisition deal that fell through.

The police are set to request an arrest warrant for the employee on Friday and will do the same for his sibling following an interrogation.