BOK employee sneaks coins

The police arrested a Bank of Korea employee on the charge of pocketing 100 won coins worth 24 million won in collusion with a coin dealer.

The Daejeon Metropolitan Police Agency announced Thursday that the police arrested Mr. A for violating the anti-corruption law. He, in his 60s, is currently working at the BOK headquarters in Daejeon, Sejong, and South Chungcheong region. The police also apprehended Mr. B, a coin dealer in his 40s, who received the coins from Mr. A and circulated them in the market on the bribery charge.

According to the police, Mr. A allegedly took out 24 million won worth of the 100 won coins issued in 2018 and 2019 illegally at the solicitation of Mr. B in April 2022. The number of these particular coins currently in circulation is not many, which is why they are traded for a few dozen times more expensive than their face value.

Mr. A took the 100 won coins that were issued in 2018 and 2019, which had been stored in the Bank of Korea, and Mr. B allegedly sold 50,000 coins at 8,000 won each, 80 times higher than the face value. In other words, coins worth 5 million won were sold for 400 million won. Mr. B allegedly gave part of the proceeds to Mr. A. The police confiscated the remaining coins that were yet to be sold.

The Bank of Korea accused Mr. A to the police after confirm‎ing that Mr. A had been involved in corruption. A police official said that the police would investigate whether there was an accomplice and determine the issuance of an arrest warrant.


Ki-Jin Lee doyoce@donga.com