"I'll Exchange It for New Bills" 50s Man Runs Off with 490 Million Won... Caught with 350 Million Left

Busanjin Police Station Catches Fraudster Who Fled with Money Bag for Ten Days in Andong, Gyeongbuk

A man in his 50s who fled with 490 million won in cash, claiming he would exchange it for new bills, was caught. The photo shows the 50,000 won bills he tried to exchange for new ones. [Busan Police Agency]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A man in his 50s who fled with 490 million won in cash, claiming to exchange old bills for new ones, was caught. However, only 350 million won was recovered.

On the 14th, Busanjin Police Station announced that Mr. A, who deceived the victim and swindled 490 million won in cash, was arrested on charges of fraud.

According to the police, Mr. A is suspected of meeting Mr. B in a parking lot of a bank in Busanjin-gu on the 1st, receiving 490 million won in cash, and then fleeing.

The two met through an online currency collecting cafe, and Mr. A deceived Mr. B by saying, "I will exchange it for new 50,000 won bills."

Mr. B prepared three money bags containing cash worth 490 million won to exchange old bills for new ones, but Mr. A took the money bags and immediately disappeared.

After receiving the damage report, the police formed a dedicated team and tracked Mr. A, finally catching him in Andong, Gyeongbuk, on the 10th.

Mr. A had been evading the police by hitchhiking while carrying the money bags and moving locations or staying at shabby lodging facilities. Mr. A had no particular occupation.

The police arrested Mr. A and recovered 350 million won, but Mr. A stated that he lost the money bag containing the remaining 140 million won.

A police official said, "Among currency collectors, bills with unique serial numbers or repeated identical numbers are valued highly," and added, "It appears that Mr. A exploited this point to deceive Mr. B, whom he met in the cafe, by promising to exchange the bills for new ones."

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