Man who found nearly 19 thousand dollars in a garbage bag takes ownership of the money

In Incheon, South Korea, a man in his 60s found 25 million won (approximately $18.7 thousand) in a garbage bag. After the owner of the money was not identified for six months, the right of ownership of the funds was granted to the man who found them.

As it turned out, the man found the money on February 10 while collecting old clothes from a discarded 20-liter garbage bag near a residential building in Gimgok-dong, Jemulpo-gu district of Incheon.

The 25 million won was hidden under the clothes, placed in five bundles consisting of 50,000 won banknotes. Each bundle contained 100 banknotes and they were wrapped in special bands bearing the name of the Bank of Korea.

The man immediately reported the find to the police. Law enforcement officers checked nearby surveillance cameras, conducted fingerprint analysis, and appealed to dozens of households in the area in order to identify the owner of the money.

In addition, information about the found money was published on the national lost and found portal and in a local newspaper. However, no one claimed the funds for six months.

According to South Korea's lost property legislation, if the owner of lost property does not claim their right within six months after a public announcement is made, the right of ownership of the property may pass to the person who found it.

Therefore, in August, the police handed over the found funds to the man. However, a total of 5.77 million won was withheld from the 25 million won for a 22 percent tax and the publication costs in the local newspaper. As a result, 19.23 million won was transferred to the man's account.

The police stated that no evidence indicating the money was connected to a crime was found. Also, since the man handed the money over to the police in the prescribed manner after finding it, no circumstances hindering the acquisition of ownership rights were identified.