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Authorities raid Shinhan Bank head office in hiring scandal probe

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Authorities raid Shinhan Bank head office in hiring scandal probe

South Korean prosecutors on June 11 raided Shinhan Financial Group Co. Ltd. unit Shinhan Bank Co. Ltd.'s head office in Seoul as part of an ongoing investigation into alleged hiring irregularities at the bank, Yonhap News Agency reported the same day.

Investigators from the Seoul Eastern District Prosecutors' Office searched the bank's human resources and inspection departments to confiscate evidence. They also searched residences of some of the bank's officials, according to the report.

The raids came after prosecutors in May launched a criminal investigation into alleged hiring irregularities at Shinhan Financial Group. The allegations were brought by South Korea's Financial Supervisory Service, which found 22 cases of alleged irregularities at Shinhan Bank and the group's life insurance and credit card units following its own investigation.

Shinhan Financial is not the only South Korean financial group facing a probe into its hiring practices. Other groups, including KB Financial Group Inc. and Hana Financial Group Inc., have also been subject to similar probes in recent months. These probes form part of an ongoing regulatory drive against recruitment scandals at the country's banks and groups.