The 33-year-old, identified as Yoon, was finally tracked down after two of his accomplices were arrested, police said today.
The head of the accounting department at a semi-conductor manufacturer, Yoon transferred USD 4.3 million of company funds to a series of secret bank accounts, police said.
Feigning a family emergency, he left the company in early January, withdrew much of the cash, and went on a 10-day binge in Gangnam, spending hundreds of millions of won in high-class hostess bars and buying a Mercedes-Benz sedan.
Worried that he might be spotted, Yoon went to the southern city of Gwangju where he had extensive plastic surgery to assume a new identity.
He then returned to his high-spending ways and hostess bars, but the police eventually caught up with him near Gwangju on Wednesday following a tip-off from his detained accomplices.
Yoon was "a totally different person" when he was taken into custody, a police spokeswoman in Asan told AFP.
"He'd had a nose and eye job, and his face had changed drastically," the spokeswoman said.
The Gangnam district has gained recent worldwide fame due to South Korean rapper Psy's Gangnam Style" -- a video parodying the trendy Seoul area which became the first YouTube upload to break a billion views.