Korean banker 'gambled millions'

Police arrested a South Korean bank official for allegedly swindling investors out of millions of dollars.

The 45-year-old head of a Community Credit Co-operative branch in Seoul, identified only as Kim, promised high interest rates and collected US$6.9 billion ($10.4 billion) from nine investors.

Police say he repaid US$2.8 million as interest and spent the rest - including US$3.2 million on a sports lottery.