"Who Threw 10 Million Won on the Streets of Euljiro?"... Picking Up 50,000 Won Banknotes—Is It Legal to Keep Them?

[Financial News]"I saw a 50,000 won banknote on the ground and thought, 'Huh?' Then I noticed there were a ton of 50,000 won banknotes on the road. I was shocked to see the entire area covered in them. Almost as if hypnotized, I went onto the road and started picking them up. Even the cars stopped and waited for us."This post appeared on social media on the 2nd. Accompanied by ten photos showing people picking up 50,000 won banknotes from the street, bills scattered all over the road, and police collecting the money, the post quickly went viral, racking up 3 million views and over 570 comments in just two days.
The author, identified as A, described the scene where the 50,000 won banknotes were scattered, saying, "I picked them all up and handed them to the police. Apparently, someone threw them from a bus," and added, "A driver told the police, 'There are even more further back!'"
A jokingly added, "I wonder what the story behind this was. I'm so curious. I think I picked up about 2 million won, but I wish I could have kept just 50,000 won."
According to the police, the incident actually took place near Euljiro 4(sa)-ga in Jung-gu, Seoul on the 2nd. Contrary to A's post, it was not someone throwing cash from a bus, but rather a pedestrian who accidentally dropped the money while crossing the street.
The police stated, "A citizen crossing the crosswalk dropped a large amount of cash from their pocket. The total exceeded 10 million won. The individual explained that the money was needed for work purposes. There was no indication of a crime, so the person was allowed to return home."


Incidents involving large sums of money scattered in public places have occurred both in Korea and abroad.
In February 2016, a resident of an apartment in Cheongju accidentally dropped 6.5 million won while shaking out a carpet on their balcony. Neighbors and a security guard picked up 5.8 million won and returned it to the owner, but 700,000 won was never recovered.
In October 2020, a resident in an apartment in Seodaemun District, Seoul, threw 120 50,000 won banknotes (totaling 6 million won) out the window in a fit of anger. An apartment management office employee who saw the bills fluttering in the air reported it to the police, and with the help of residents, most of the money was recovered and returned to the owner.
In 2021, in San Diego, the doors of a cash transport truck opened on the highway, spilling bundles of money. Drivers stopped their cars to pick up the cash, turning the highway into chaos.
So what should you do if you come across a 'windfall' like this? According to legal experts, taking money that someone else lost by accident, or money whose owner has not abandoned ownership, can be considered embezzlement of lost property.
Article 360 of the Criminal Act stipulates that anyone who embezzles lost property, drift property, or property that has left another's possession can be punished by up to one year in prison or a fine or penalty of up to 3 million won.
However, if the owner intentionally discards the money, legal experts generally agree that there is no punishment. In March 2016, a woman identified as C scattered banknotes worth 22 million won in Seoul Plaza, covering the area with hundreds of 1,000, 5,000, and 10,000 won bills. C reportedly said, "Anyone can take it," and the police stated at the time, "Since the owner abandoned ownership, there is no legal basis for punishment if someone takes the money."

Koo Bonjin, managing attorney at The Kim Law Firm, told Yonhap News Agency, "Once the owner gives up ownership, they lose all rights to the money, so taking it is not subject to legal punishment. The owner cannot later claim the money or demand its return."

However, if the act of scattering money was intended to disrupt public order, there is a possibility of punishment under laws against traffic obstruction or minor offenses.


moon@fnnews.com Moon Young-jin Reporter