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1st Counterfeit W50,000 Bill Discovered

Posted June. 30, 2009 22:32,   


Incheon police yesterday said they arrested a 20-something man who produced and tried to spend fake 50,000 won (38 U.S. dollars) bills, which debuted last week.

The Incheon Central Police Department sought an arrest warrant for the 28-year-old suspect on charges of counterfeiting and using fake 50,000 won bills and 100,000 won bank checks.

The man reportedly exchanged a 50,000 won bill at a bank in Incheon’s Yeonsu district around 1 p.m. Tuesday last week and produced 266 counterfeit bills each worth 50,000 won by using a color printer at home.

He is also suspected of counterfeiting 80 bank checks each worth 100,000 won via the same method using two real bank checks as references. He allegedly spent 30 of the checks at karaoke bars and bars in Incheon on 16 occasions.

Police said the suspect used the 100,000 won counterfeit bank checks only since he feared the 50,000 won counterfeit bills would be easy to identify, due to belt-shaped hologram marks and a studded silver line printed in black on the counterfeit notes.

An Incheon police source said, “This is the first time a counterfeit of the new 50,000 won bill, the first high denomination in 36 years, has been discovered,” adding, “Since the counterfeit 100,000 won checks were also poorly made, the suspect used them mostly at night.”

Police said the belt-shaped hologram on the left end of a genuine 50,000 won bill changes color and shows three different designs depending on viewing angle.

The studded silver line placed slightly left to the bill’s center looks as if the taegeuk pattern inscribed on the silver line moves horizontally or vertically when the bill is moved up and down.

The studded design can be felt by touching Shin Saimdang’s portrait on the face and the Wolmae-do painting on the back, which allows visually impaired people to tell whether a bill is fake.