Found a 10.5 Billion Won Cash Wallet but Received '0 Won' Reward... Here's Why

Taxi Passenger Finds Wallet with 10 Billion Won in Checks and Cash
Police Report Loss... Investigation Confirms Fake Checks

A wallet containing approximately 10.5 billion won in checks and cash was found in a taxi in Gwangju. However, the police investigation revealed that the checks inside the wallet were fake, and the incident was ultimately resolved as a misunderstanding.

On the 17th, office worker Mr. A was returning home by taxi around 8 p.m. when he accidentally found a black wallet on the back seat and was shocked upon seeing the amount inside. The wallet contained a 50 million won cashier's check, a crumpled 10 billion won check, and about 300,000 won in cash. It is presumed that the wallet was lost by a previous passenger.

A wallet containing approximately 10.5 billion won in checks and cash was found in a taxi in Gwangju, Jeollado. However, the police investigation revealed that the checks inside the wallet were fake, and the incident was ultimately resolved as a misunderstanding.
[Photo by Asia Economy DB]

Mr. A immediately reported the lost item to the Gwangsan Police Station after consulting with the taxi driver. Fortunately, the wallet contained an ID card and credit cards, making it easy to identify the owner.

Police investigation confirmed that the checks were counterfeit. It is known that the wallet owner kept the high-value checks inside the wallet as a kind of talisman.

Mr. A said, "I was surprised to see a 10 billion won check that I would never see in my lifetime. I reported it to the police, thinking it was lost by a business owner who had this check issued by a bank." He added, "They mentioned a legal reward and said they won the lottery, but it ended up being just a fleeting dream."

A Gwangju police official stated, "It is a very unusual case to find a check worth over 10 billion won, but it was ultimately proven to be fake." He explained, "According to the Lost Property Act, the person who returns lost property is entitled to a reward of 5 to 20% of the item's value, but not giving a reward does not result in criminal punishment."

Under the Lost Property Act, you can receive 5-20% of the item's value as a reward

On the 17th, office worker Mr. A happened to find a black wallet in the back seat while returning home by taxi around 8 p.m. The photo is not related to the specific content of the article.
[Photo by Asia Economy DB]

If the check had been genuine, how much reward could Mr. A have received?

First, under the current Lost Property Act, a person who finds and returns someone else's property can receive a reward of 5 to 20% of the item's value. As the police official mentioned, not giving a reward does not lead to criminal charges.

However, a simple calculation under the current Lost Property Act shows that Mr. A could have received up to 2 billion won. But the actual amount he could receive would be much less.

Unlike cash, checks are rarely recognized at their face value. Especially, high-value checks that are not commonly used have strict bank issuance procedures, low liquidity, and are likely to have been reported lost, making it difficult for the finder to use them arbitrarily.

In precedent cases, the reward base amount for high-value checks reported lost was evaluated at about 1/20 of the face value. According to this, the appraisal value of a 10 billion won check would be 500 million won, and the reward amount would be 5 to 20% of that, i.e., 25 million to 100 million won.

Under the current Lost Property Act, a person who finds and returns someone else's belongings can receive a reward of 5 to 20% of the item's value. As mentioned earlier by a police official, not giving a reward does not result in criminal punishment. The photo is not related to the article content. Photo by Asia Economy DB

Additionally, since the reward is considered miscellaneous income under the Income Tax Act, 22% tax is deducted before payment. If the check had been genuine, Mr. A could have received approximately 19.5 million to 78 million won.

Meanwhile, taking money found on the street or in public facilities without permission can be punished under the crime of embezzlement of lost property, with penalties including imprisonment of up to one year or a fine of up to 3 million won, so special caution is required.