A Sydney banker allegedly defrauded his employer of nearly $7 million through a series of 81 transactions over seven years, court documents have revealed.
Sung Kyu Chung, 40, from Ryde in Sydney's north-west, was charged with three counts of obtaining money by deception after NSW police were alerted to the disappearance of $6.8 million from the Korea Exchange Bank (KEB) last December.
The international merchant bank operates its Australian arm from offices in George Street, in Sydney's CBD.
Court documents tendered in Sydney's Downing Centre Local Court on Monday show Chung's first alleged offence was committed between September 14, 2001 and September 14, 2008 when he wrote a cheque for $7,500 from a National Australia Bank account in the name of KEB and deposited it into his personal Commonwealth Bank account.
His second alleged fraud came between July 15, 2003 and October 15, 2008 when he made 77 transfers of funds totalling $6,011,566.08 from a Westpac bank account in his employer's name to his personal ANZ account.
Chung's third charge relates to three alleged transfers of money which amounted to $787,051.61 from a Westpac account held by KEB to Chung's own Citibank account on May 11, 2006.
Police arrested Chung on December 19 after an independent audit of several bank accounts.
On Monday, Registrar Paul Morgan allowed Chung to remain on bail and adjourned the matter to March 5 in the same court.
