Computer-Printer Capital, This Man Fake Money 250 million won

 


South Korea's case of counterfeiting the '77246' banknote is a history that made the government issue new money. The mastermind is a man with a computer-printer and other things needed to print counterfeit money from his personal belongings.

This case is very shocking and clearly detrimental to South Korea. This incident began in 2005 where a desperate man trapped in poverty wanted to improve the fate of his family -- but in the wrong way.


According to the Wall Street Journal, this man is only referred to by his last name, 'Kim'. Kim has produced and used about 250 million won in counterfeit 5,000 won notes since March 2005, according to police and the Bank of Korea.



That is the largest number of forgeries produced by an individual and the longest period in which a single serial number is known to have been continuously forged. He counterfeited 50 thousand times his production for 8 years and made it quite difficult for the government to investigate him and decide to replace the new money.


To replace the old money with a new one, it took a long time to completely wipe out the previous model. Because, there is still circulation of counterfeit 5 thousand won in the market that has not been realized, plus Kim is still printing money.


Until one day, Kim was reported by a shopkeeper who was suspicious of Kim who came to his shop and paid 5 thousand won with the series '77246' for the second time. Inadvertently, the shopkeeper who initially only thought that Kim was a victim of counterfeit money, was surprised to see the contents of Kim's wallet in the form of so many old (not new) 5 thousand won notes. The money is also very neat, looks like new money.



The '77246' counterfeiter Kim majored in computer graphics in college, according to Yonhap news reports. Therefore, it is not surprising that he is so skilled that it is difficult for people to distinguish counterfeit notes from real ones.


But learning from this case, the central bank in South Korea tightened their printed money security system.


"Counterfeiting efforts decreased here after we strengthened anti-counterfeiting features such as color-changing ink and holograms on banknotes," said an official at the Bank of Korea's currency issuance department.


The central bank also appreciated the shopkeeper who reported Kim with a reward of 2 million won. The government also rewarded the police officers who arrested him and the police station where they worked with a reward of 3 million won.

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