170 Billion Won Foreign Currency Smuggling Ring Exposed... Duty-Free Shop and Bank Employees Also Involved

[Asia Economy Reporter Song Seung-yoon] A foreign currency smuggling organization that illegally exported foreign currency worth about 170 billion won overseas has been massively uncovered by the prosecution. It was revealed that airport duty-free shop employees and branch managers of commercial banks were also involved in their crimes.

The Foreign Affairs Division of Incheon District Prosecutors' Office (Chief Prosecutor Yang Geon-su) announced that it uncovered 10 organizations that smuggled a total of 173.3 billion won to six countries overseas, arresting and indicting 10 ringleaders including A (23), and indicting 48 accomplices including B (34) without detention or by summary indictment. Prosecution was suspended for three members who fled, and they were placed on wanted lists.

According to the prosecution, they are accused of exporting foreign currency by falsely declaring illegal funds as travel expenses or smuggling through duty-free shop employees (violation of the Foreign Exchange Transactions Act).

A and others exported about 146.9 billion won overseas from May 2017 to August last year. They exploited the fact that there is no limit on the amount of travel expenses that can be taken abroad and no need to submit supporting documents to divert illegal funds overseas. In this process, C (56), a bank branch manager who helped exchange foreign currency in return for bribes from the organization, was also caught by the prosecution.

D (32) and others bribed four duty-free shop employees in advance and smuggled foreign currency worth about 26.4 billion won overseas from April to December last year before being caught. They made the duty-free shop employees wear specially made vests and passed through employee-only gates to hand over the foreign currency to couriers waiting in advance. The duty-free shop employees received 100,000 to 500,000 won as a fee for moving 100 to 200 million won at a time, up to 500 million won per day. Employees who contributed significantly to the crime were also provided with rental cars free of charge.

The organizations used the smuggled money for illegal funds such as unregistered foreign exchange transactions known as 'Hwan-chigi,' gold bar smuggling funds, or for purchasing overseas virtual currencies.

A prosecution official stated, “We plan to notify Incheon International Airport Corporation and others of the specific crime methods to prevent recurrence.”

This content was produced with the assistance of AI translation services.