Police Investigate Possible Illegal Use
In Yeongyang County, North Gyeongsang Province, police discovered the illegal incineration of local currency worth several billion won, which had not yet expired, at a private residence.
According to Yeongyang County and the police on the 25th, a report was filed on the 22nd stating that local currency, which was to be disposed of after being exchanged for cash, was being incinerated at a private home.
When police checked the scene, they found traces of local currency worth several billion won that had been burned near a furnace. The illegally incinerated vouchers consisted of four boxes of paper, bundled in lots of 1,000. It was confirmed that there were no visible signs of standard disposal, such as 'hole punching,' on the vouchers.
The local currency, stamped with an issue date of 2022, was the 'Yeongyang Love Gift Certificate,' which is valid until 2027.
After being used like cash, local currency is exchanged at banks. The exchanged vouchers must then be collected and incinerated either by authorized companies or the Korea Minting and Security Printing Corporation, or be directly incinerated by the bank.
Until March of this year, the relevant livestock cooperative had been incinerating local currency that could no longer be used after cash exchange on its own. It was later reported that Yeongyang County Office took over management of the disposal process.
However, it was revealed that these vouchers were exchanged for cash at the Cheongsong-Yeongyang Livestock Cooperative, but were then taken out without going through the bank's official disposal procedures. Subsequently, they were illegally incinerated at the home of the contract employee A's parents.
The police confirmed that there were no anti-fraud measures, such as hole punching, on the local currency, and are investigating how the livestock cooperative employee took the vouchers designated for disposal out of the facility.
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