A man in his 60s who found 25 million won ($18,500) in a trash bag in Incheon has been awarded ownership of the money after it went unclaimed for six months.

According to Incheon Jemulpo Police Station on Friday, the man received 19.23 million won in August after taxes and other fees were deducted.

The man discovered the cash on Feb. 10 while collecting used clothes from a 20-liter trash bag near a residential building in Geumgok-dong, Incheon.

The money was hidden beneath clothing in five bundles of 50,000 won bills, each containing 100 notes and wrapped with Bank of Korea bands. He immediately reported the discovery to police.

Police searched nearby surveillance footage, conducted a fingerprint analysis and visited dozens of homes in the area to identify the owner. They also posted notices on the national lost-and-found portal and in a local newspaper, but no one came forward to claim the money.

Under South Korea’s Lost Articles Act, ownership of lost property passes to the finder if the original owner does not claim it within six months of public notice.

With the deadline expired, police transferred the money to the man, deducting 5.77 million won in taxes and newspaper notice fees. The cash was subject to a 22 percent tax as miscellaneous income.

Police said they found no evidence linking the money to criminal activity.

Bundles of 50,000 won bills totaling 25 million won ($18,500), found in a trash bag in Incheon in February, were handed over to the finder after the owner failed to claim the money within six months of a police notice. (Incheon Jemulpo Police Station)
Bundles of 50,000 won bills totaling 25 million won ($18,500), found in a trash bag in Incheon in February, were handed over to the finder after the owner failed to claim the money within six months of a police notice. (Incheon Jemulpo Police Station)

tammy@heraldcorp.com