Prosecutors raided the offices of Ssangbangwool Group as part of their probe into allegations that the underwear manufacturer smuggled a large sum of foreign currency to China about three years ago.

The Suwon District Prosecutors' Office sent prosecutors and investigators to the company headquarters in central Seoul Monday morning to obtain evidence.

The prosecution suspects dozens of executives and employees of the company, as well as its affiliates, smuggled billions of won in U.S. dollar notes hidden between book pages in 2019.

Under the foreign exchange transactions law, those who plan to take out foreign currency exceeding ten-thousand dollars must report it to customs authorities.

Prosecutors are reportedly probing to see whether the smuggled money had entered North Korea.

Around that time, the company had signed an economic cooperation project agreement with the North Korean Asia-Pacific Peace Committee and the North Korean National Economic Cooperation Federation in China's Shenyang.