Seoul: The finance ministry said Tuesday it caught a record 630 cases of fraudulent receipt of government subsidies last year.
According to Yonhap News Agency, the tally marks nearly a 28 percent increase from 493 cases exposed in 2023, reported the Ministry of Economy and Finance.
The value of the fraudulent cases uncovered in 2024 amounted to 49.3 billion won (US$34.2 million).
The cases included false contracts with subcontractors, establishment of paper companies and overuse of travel expenses, according to the ministry.
The ministry said it will bolster its efforts to detect subsidy fraud cases this year by increasing on-site inspections to prevent misuse of taxpayers' money.