"Serial Numbers Match" - 20s Arrested for Attempting to Circulate Counterfeit Bills

50,000 Won Bills 968 Sheets Worth 48.4 Million Won Found
Four Times the 184 Counterfeit Bills Discovered Last Year

A man in his 20s who circulated counterfeit bills worth tens of millions of won was arrested by the police.

On the 16th, the Gangjin Police Station in Jeonnam urgently apprehended Mr. A (20) on charges of acquiring counterfeit currency.

Mr. A is suspected of receiving counterfeit bills worth 48.4 million won from a counterfeit currency distribution organization and attempting to circulate them at the Gangjin Sports Complex in Gangjin-gun, Jeonnam, around 11:50 p.m. on the 14th.

Mr. A, who received real-time instructions from the counterfeit currency distribution organization via social media (SNS) chat rooms, was caught by the police while receiving counterfeit bills transported from another region to Gangjin.

At the scene, 968 counterfeit 50,000-won bills with identical serial numbers were found in boxes loaded on one cargo truck. The police explained that the truck driver was unaware of the transportation of counterfeit bills and did not participate in the crime. Mr. A was handed over to a police station in North Gyeongsang Province that had been investigating the case.

Last year, the Bank of Korea reported a total of 184 counterfeit bills discovered during currency handling or reported by financial institutions or individuals, an increase of 32 bills (21.1%) compared to the previous year. This was also the first increase in six years since 2017.

The number of counterfeit bills found by denomination was 116 for 5,000-won bills, 37 for 10,000-won bills, 18 for 50,000-won bills, and 13 for 1,000-won bills. By region, among the 108 counterfeit bills discovered by financial institutions, 83 bills (76.9%) were found in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon.

There is a tendency for counterfeit bills to increase during economic downturns. As the issue of counterfeit bills has recently resurfaced, the Bank of Korea has been conducting street campaigns since last year around Namdaemun Market targeting merchants to prevent the circulation of counterfeit bills. A Bank of Korea official explained, "There are various reasons for the increase in counterfeit bills," adding, "One factor is that the economic downturn has made life difficult for ordinary people."