Police have arrested a South Korean man accused of stealing and selling beef products worth $2.4 million from a farming co-operative to pay for illegal bets and crypto investments.
The unnamed former co-operative employee, a resident of Gangwon Province, will face charges of embezzlement and theft, the South Korean news agency Yonhap reported.
Police said that the man, aged in his 30s, stole South Korean hanwoo beef products “on about 1,000 occasions” between June 2021 and February 2026.
Officers said the suspect struck under-the-counter deals with supermarkets and restaurants, and “misappropriated the proceeds.”
Suspect Sold Meat From Co-Op’s Freezers
Detectives say the suspect resigned from the cooperative in March. They think he secretly returned to the firm in April, however, to steal beef products from the co-operative’s cold storage facilities.
The man’s activities went completely undetected until the co-operative commissioned an internal audit earlier this year, police said.
It was only then that the co-operative’s auditors reportedly discovered that someone had been systematically removing small packages of hanwoo beef from freezers and fridges.
The missing cuts included sirloin, tenderloin, and striploin, auditors said. Police explained the accused was formerly in charge of outbound and delivery duties at the cooperative.
Detectives said the accused “manipulated transaction statements to make it appear as if stocks remained in the co-operative’s inventory.”
South Korean Beef Theft: Suspect Makes Confession
The accused reportedly sold the stolen beef products at prices ranging from 30% to 50% below market rates.
Officers said transaction data showed the man and his relatives received “over 2 billion won” (over $1.3 million) for the stolen meat.
Had the co-operative sold the beef at market price, it would have raised approximately 4 billion won, or $2.4 million.
The accused has reportedly confessed to the theft, but initially told police he had only done so to raise money for his “living expenses.”
A police investigation, however, has revealed that the accused spent “most of the funds” on illegal gambling and crypto purchases, said a spokesperson.
Police said they are expanding their investigation into businesses that bought the stolen beef at low prices.
Officers added they intend to hand the case over to prosecutors when the investigation is complete.
In South Korean stores and restaurants, hanwoo beef often retails at around twice the price of imported beef.
Hanwoo cows are small, bred mainly for their meat, and are one of just four indigenous Korean cattle breeds. In the past, many Korean farming communities bred hanwoo to help them work arable land.
Lawmakers and animal rights groups, meanwhile, have stepped up a campaign to ban traditional Korean bullfighting and associated betting.
Many parts of South Korea still allow bullfights, with the sport enjoying special protection in places like Uiryeong County in South Gyeongsang Province.
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