CEBU - The National Bureau of Investigation (NBI) arrested 64-year-old Korean national on Thursday afternoon in Pajac, Lapu-Lapu City.
Chong Choul Choi, a surplus car shop owner, is wanted in South Korea for forging documents, the NBI said.
NBI Region 7 Special Agent Arnel Pura led the team that arrested Choi. He said they received a request from a court in South Korea to arrest Choi.
NBI Region 7 Regional Director Atty. Jose Yap said Choi was able to get 13 bank loans using fake documents. The loans were used for his livestock cooperative in South Korea.
He was also able to get KRW236 million, or almost P98 million.
Yap added that the South Korean government has already cancelled Choi's passport.
According to the Bureau of Immigration, Choi has been overstaying in the Philippines since last year and will be processed for deportation.