The permanent special counsel investigating the alleged disposal of "currency band wrappers" launched a search and inspection of Shinhan Bank on the 9th.
Starting around 9:30 a.m. that day, the special counsel sent prosecutors and investigators to Shinhan Bank's Gangnam annex in Yeoksam-dong, Gangnam, Seoul, to execute a search and verification warrant. Six people, including Special Counsel Kwon Do-hyeong and Prosecutor Han Ju-dong, took part in the execution of the warrant.
Regarding the purpose of this search and inspection, the special counsel said it was "to check 'all information related to Shinhan Bank currency bands' and 'the process after receiving currency band notes (usable notes) at commercial banks,' among other items."
Earlier, in Dec. 2024, the Seoul Southern District Prosecutors' Office searched the home of a person surnamed Jeon and seized bundles of cash. Former investigations chief Choi Seon-young, who took part in the process of checking the seized items, said the seized cash consisted of three types: currency band notes wrapped in plastic, money bundled with Shinhan Bank bands, and money tied with rubber bands.
Currency band notes are divided into "manufactured notes," which are new bills produced by the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) and received by the Bank of Korea, and "usable notes," which are picked out as fit for use from money recovered in circulation. Usable notes are distinguished by separate plastic packaging that lists the packaging date and time, quantity, and other details. According to photos taken by the Southern District prosecutors' team at the time, stickers on the bundles of cash found at Jeon's home also indicated usable notes.
However, prosecutors were unable to trace the source of the cash and sent the case to the Kim Keon-hee special counsel. That was because they lost the bands and stickers bearing information such as the inspection date of the bundles, the handler, and the department. The Southern District prosecutors said, "An employee lost the bands and so on while counting the cash."
Last month, the special counsel carried out a search and verification of the Bank of Korea and checked all related information, including currency band notes. Based on the day's verification results, the special counsel plans to track the specific route by which the bundles of cash were delivered to Jeon.
Typically, banks receive currency band notes from the Bank of Korea, store them, and then distribute them to branches or sales offices. The Bank of Korea previously said that while it confirmed that the usable notes found at Jeon's home had been inspected and packaged at an issuance department in Gangnam, it was difficult to check records on which financial institution they were supplied to. Based on the materials secured, the special counsel plans to identify the final destination of the funds.