50,000 Won Bill Costs 2,500 Won Each... Counterfeit Mastermind Arrested

Fleeing to the Philippines as Investigation Begins... Caught Locally
Colored Printed Counterfeit Bills Sold to Minors via SNS

The mastermind behind an organization that produced counterfeit bills worth hundreds of millions of won and distributed them nationwide, including Seoul, Gumi and Andong in Gyeongbuk, was caught in the Philippines.

On the 14th, the Gumi Police Station in Gyeongbuk reported to Yonhap News that they had arrested and sent to prosecution a man in his 20s, identified as A, on charges of currency counterfeiting and distribution. A is accused of color-printing counterfeit 50,000-won bills worth 372.3 million won earlier this year and using them for illegal transactions such as drug purchases. It is also reported that he advertised on social networking services (SNS) and sold counterfeit bills to minors and others. The selling price per counterfeit 50,000-won bill was about 2,500 to 3,500 won, and the police estimate that A sold about 1,000 bills in total.

The mastermind behind the production and distribution of counterfeit bills, who was captured in the Philippines last month and repatriated to Korea [Photo by Gumi Police Station, Gyeongbuk, provided by Yonhap News]

A’s crime was uncovered in January when students using the counterfeit bills distributed in Gumi, Gyeongbuk, were caught by the police. Subsequently, the police conducted an investigation by tracking the serial numbers of the circulated counterfeit bills and found that A and his group committed crimes nationwide, including in Gumi, Andong, and Seoul. When the police investigation began, A fled to the Philippines in February. The police issued an Interpol red notice for A, and the local police in the Philippines arrested him. A was repatriated to Korea during the recent Chuseok holiday, and 21 accomplices were handed over to the prosecution in May. Kim Dong-wook, chief of the Gumi Police Station, said, "Currency counterfeiters mainly target motels, bathhouses, and traditional markets, so people should be cautious."

Not only the producers but also the users of counterfeit bills are subject to punishment. According to Article 208 of the Criminal Act (Acquisition of Counterfeit Currency), anyone who uses or possesses counterfeit bills with the intent to use them faces imprisonment of up to five years or a fine of up to 15 million won. This applies regardless of the amount or quantity of counterfeit bills.

An employee of the Korea Minting and Security Printing Corporation appeared on TV in the past and advised that if you receive a 50,000-won bill suspected of being counterfeit, you should check it by remembering "Light, Tilt, Touch." When held up to the light, check if the watermark of Shin Saimdang appears in the left space on the front; when tilted, see if ▲the hologram Taegeuk pattern on the front moves up and down ▲the hidden number 5 inside the round pattern next to Shin Saimdang’s portrait is visible ▲the color of the "50000" number at the bottom right on the back changes.

Also, when touching a genuine bill, you can feel an overall raised texture, and the five stripes on both edges are confirmed to be embossed.

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