Chief of SK Group, a South Korean conglomerate, has suffered a loss of over 100 billion won ($92.5 million) from futures investment, sources said Saturday.

The National Tax Service, the country's tax agency, found that Chey Tae-won had invested in the futures, but lost most of his money, according to the sources.

The tax agency launched tax probes into the group's key affiliates, such as SK Telecom Co., late last year.

SK Group said the chairman might have used his money for the investment, denying allegations that he had used company money.

Futures are considered one of the riskiest investments in the financial markets.

SK Group has SK Telecom, SK Energy Co., the country's largest oil refiner, and dozens of affiliates under its wing.

(Yonhap News)