The Case of the Missing Jeju Casino Cash

On January 7, the Yonhap News Agency out of South Korea reported a story about the casino at Jeju Shinhwa World, also known as Landing Casino, which had become the center of a mystery. It seemed that an employee left Jeju Island for a holiday vacation in December and never returned. Strangely enough, the casino also reported KRW 14.56 billion in missing money.

That equated to approximately AUD 17.14 million.

The missing money was so significant that the casino’s parent company, Landing International Development Limited, issued an “inside information announcement” to stockholders and potential investors about it. The Board of Directors revealed that the company discovered the missing money on January 4, 2021.

  • “Currently, the management of the Group is unable to reach the employee in charge of the funds. The company has immediately reported the incident to the police in South Korea and they are currently investigating the incident.”

Uh-oh.

Initial Reports

Police estimated that the money weighed at least 280kg, indicating that the female employee may not have been able to carry it all by herself. If the cash was in 50,000-won bills, it would have been 291,200 pieces of money, which would have required at least 12 boxes for transportation. Authorities were seeking several people of interest.

The female employee who went on vacation was a 55-year-old woman from Malaysia. As the security forces could tell, she took the cash from the casino’s safe, following all proper procedures. She then took the money away from the property, which was not allowed.

Being a casino, Jeju Shinhwa World was able to provide authorities with security camera footage and other information, such as employee data. However, the employee – or an accomplice – erased the video recordings during the exact time of the heist.

Police Work Quickly

Within one week of the initial reports, Yonhap reported that they found more than half of the money. In fact, they located it at the casino.

It was KRW 8.15 billion in “unidentified cash” discovered “at a safe at the casino.”

There were, undoubtedly, quite a few questions about that.

Meanwhile, police also searched a previous residence of the aforementioned Malaysian employee and found a pile of money worth several billion won. They later clarified that the pile contained about KRW 4 billion.

Later reports say that the authorities determined that the woman had two accomplices, neither of whom worked at the casino. They identified one as a Chinese national in his or her 30s, who may be living abroad. They only noted that they believed the other person to still be in South Korea.

Seeking Three Suspects and a Few Billion Won

As of the last police update, they recovered the majority of the won, but the amount of KRW 2.41 billion remains missing. That is approximately equivalent to AUD 2.8 million.

The casino wants its money back. And they want the perpetrators of the theft to be arrested and prosecuted. Not only does it reflect badly on a publicly-traded company, the amount of money stolen was so large that it made news reports around the world.

Tips would be appreciated.

 

Rose Varrelli

Rose Varrelli has always been passionate about online casinos, as she’s been a player at a variety of places for years. Rose turned her personal knowledge and insight into a writing career. She aims to provide readers with the most up to date, informative news in the world of online casinos!

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