Fake $100 bills cases jump by 36 times

The number of U.S. 100 dollar bill forgery cases in Korea has increased by 35.9 times over the past five years and is expected to go higher, according to a report the National Intelligence Service submitted to a ruling party lawmaker.

A total of 11,008 cases of fake 100 dollar notes were caught last year, a whopping increase from 306 in 2004.



The number of such forgery cases is expected to be much higher in the coming years, the NIS report predicted.

Casino officials, money changers and foreign exchange officials often tend to shun reporting the fake bills to the police, according to the report.

The NIS recently judged that the supernotes worth $1 million, or detailed fake dollar bills, found in Busan last November were made in North Korea, hinting at a possible mass distribution of such illicit bills.

"The government should set up a headquarters to supervise the fake bill investigation and banks should also reinforce their expert manpower," said Rep. Kwon Young-se of the ruling Grand National Party who disclosed the report yesterday.

Since the introduction of 50,000 won bills earlier this year, several local banks are seeking methods to differentiate fake banknotes.

(tellme@heraldm.com)

By Bae Hyun-jung