Police raided the head office of Shinhan Bank on Tuesday in its investigation of the bank's mismanaged sale of a private equity fund. 

KBS learned that investigators from the Seoul Metropolitan Police Agency began the search and seizure of the bank's units handling human resources, asset management and investment product services in the morning to obtain related data.

The police suspect that the bank came short of fulfilling its obligation to sufficiently inform buyers about the fund managed by Fidelis Asset Management and its failure to meet the date of maturity. The bank is being investigated for fraud and violating the capital market law. 

The 180-billion-won Fidelis fund, sold through Shinhan Securities between July 2019 and January 2020, was a product that consisted of investments in accounts receivable held by a Singaporean trade company.

Last September, some 20 investors filed complaints with the police against Shinhan, accusing the bank of fraud and violation of the capital market law.