An employee of Woori Bank, one of South Korea's largest domestic banks, has been taken into custody after he turned himself in for embezzling about 50 billion won ($39.5 million) from the company, police said Thursday.

The employee, whose identity was withheld, confessed to his actions at Namdaemun Police Station in central Seoul at around 10:30 p.m. Wednesday, according to officials.

The confession was made while police were taking measures to issue a travel ban on the employee after they received a report on the case from Woori Bank.

"We will review seeking a court arrest warrant after investigating details of this case," police officials said. (Yonhap)