The 48-year-old Korean victim reported to police the same day after bumping into the suspect, a 39-year-old Korean surnamed Chung, outside the casino in Taipa where they went to gamble on October 14.

The Korean junket promoter, police spokesman Choi Iat Peng said, had accompanied the victim to gamble in the casino where he later won HK$1 million.

The 48-year-old merchant asked the suspect to send the lump sum to his bank in Korea by giving him his account number on that day.

The victim stayed in Macau and on October 19 when he rang the bank, he had been told no such remittance was received, Mr Choi said.

The suspect could not be reached ever since until Wednesday afternoon when the victim bumped into him on the street.

Mr Choi said the suspect admitted to police he had embezzled the lump sum and lent it to another Korean customer for gambling.

The 39-year-old will be transferred to the Public Prosecutions Office today and charged with abusive use of credibility.