The Seoul Central District Prosecutors' Office told South Korean news agency Yonhap that the KSF executive, identified only by his initial "L", has been detained with a formal warrant issued by a local court.

It comes just over a week after another Board member, identified by his surname Chung, was arrested on charges of receiving bribes.

Prosecutors said they have also raided the KSF's branch office in South Jeolla Province, where the suspect is affiliated, and seized computer hard drives and documents. 

The suspect, who has worked as a coach and manager of the national water polo team on numerous occasions since 2004, is accused of handing over funds to higher-ranked Board members of the organisation.

it is claimed this has been in exchange for favours to maintain his status in the KSF or to exert his influence in the selection of athletes.

The other official, Chung, has allegedly been receiving money from a private swimming club, run by another Board member, to influence selections to the national swimming team.

He is also accused of taking money from various coaches in order to favour their athletes during the selection process.

The warrant for Chung's arrest was announced due to prosecutors claiming there were "considerable reasons" which suggest the suspected official did take bribes, and that he might attempt to destroy evidence.

It followed a raid on the KSF headquarters in Seoul last month, part of an attempt to investigate corruption allegations within the organisation.

The KSF has been suspected of forging various documents, as well as taking funds that were meant to be awarded to athletes to help with their training expenses.

The Ministry of Culture, Sports and Tourism had revealed earlier this month that funding to the KSF had been halted.

The KSF said last week in a statement that four members caught up in the selection scandal had been dismissed.

"We will take this opportunity to get rid of all the evils and be born again as a fair and transparent federation loved by all," it read.

The scandal is another major embarrassment for swimming in South Korea.

In 2014 Kim Yoon-suk, general secretary of the Committee who led Gwangju's successful bid to host the 2019 World Aquatics Championships, narrowly avoided prison after admitting he had forged the signatures of South Korea's Prime Minister and Culture Secretary guaranteeing the Government's support for the campaign. 

He escaped with a six-month suspended sentence after a court decided he had committed the crime not out of personal greed but because he believed it would help the city.