Counterfeit 50,000-won bills found

By Lee Kyung-min

Police are investigating 1,340 counterfeit 50,000-won banknotes. The fake bills were among about 95 million won that a local company received after selling cosmetics to a Hong Kong company.

It is the largest amount of counterfeit money seized here, according to police.

The fake bills were of poor quality, and easily distinguished from real banknotes. However, the company failed to detect them because they were hidden under real banknotes.

An employee of the local firm, whose name was withheld, visited a Korean Federation of Community Credit Cooperatives branch in Hwagok-dong, western Seoul, to deposit the money. Branch staff found that the banknotes were forged, and immediately called police.

The company said it received the fake bills on Sep. 18 from a man who claimed to be working for the Hong Kong company.

Police are looking for the man, based on surveillance camera footage. Officials of Korean firm are also being questioned for possible involvement in the forgery.

“We do not know yet if the suspect is Chinese or Korean,” said a police officer.