Sold 100 won coins for 8,000 won... Bank of Korea employee embezzled '240,000 coins'

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An employee of the Bank of Korea Daejeon Sejong Chungnam Headquarters and a currency collector were arrested for stealing 100-won coins, which are sold at high prices due to their limited circulation. Photo by Yonhap News

[Asia Economy Culture Young Intern Reporter] A Bank of Korea employee was arrested by the police for colluding with a coin collector to embezzle 240,000 100-won coins and then selling them to the market at 80 times their face value.

On the 19th, according to the Anti-Corruption Economic Crime Investigation Unit of the Daejeon Police Station, a man in his 60s, Mr. A, an employee of the Bank of Korea Daejeon Sejong Chungnam Headquarters, and Mr. B, a coin collector in his 40s, were booked and are under investigation for violating the Improper Solicitation and Graft Act and bribery charges.

Mr. A is suspected of embezzling 240,000 100-won coins from 2018 and 2019 stored at the Bank of Korea at the end of April at the request of Mr. B. Mr. B, who received the coins from Mr. A, sold about 20% of the coins at 8,000 won each, which is 80 times the face value. Part of the profits was taken by Mr. A.

Mr. B took advantage of the fact that these coins had a low circulation volume and were traded at high prices in the market. The unsold coins are currently seized by the police. It is reported that they stated they paid 24 million won for the 240,000 100-won coins and purchased them.

The Bank of Korea Daejeon Sejong Chungnam Headquarters recognized the internal employee corruption and requested an audit from the Seoul Headquarters, and in June, filed a complaint against Mr. A with the Daejeon Police Agency.