Prosecutors on Tuesday raided one of South Korea's food and entertainment conglomerates as part of an investigation into allegations that the company managed a massive slush fund abroad.
Prosecutors have been looking into suspicions that the CJ Group had set aside a large sum of the fund worth tens of billions of won and brought it into the country.
A team of investigators from the Seoul Central District Prosecutor's Office seized computer hard discs and relevant documents in the raid at the group's headquarters, other offices and houses of several executives, South Korea's Yonhap news agency reported citing officials.
The group is suspected of creating the slush fund through bogus deals by issuing forged invoices from overseas branches. The probe comes after the financial intelligence unit under the Finance Ministry detected a suspicious money flow and notified the prosecution for further investigation, the report said.
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