Prosecutors on Friday have indicted Choi Shin-won, chairman of SK Networks, on charges of embezzlement and breach of trust related to the creation of a slush fund.

Choi is accused of embezzling over 220 billion won from six companies he managed through a golf course construction project by false wage payments to family and relatives and supporting insolvent subsidiaries. 

He also faces allegations of stock manipulation and violating the Foreign Exchange Transactions Act as he exchanged foreign currency under his employees' names for years and took it out of the country without filing a customs declaration.

Meanwhile, the prosecution has raided an SK Group office in downtown Seoul in connection to Choi's investigation, apparently to determine whether the conglomerate was involved in his slush fund.