Landing Casino in South Korea Subject to Missing Millions
The Landing Casino in South Korea revealed millions were missing last week, with a large portion of the money found a few days later.
It is not uncommon for a casino to be subject to criminal activity. For the most part, casinos are able to protect themselves from harm, via security systems and team members in place. However, despite their protocols, casinos can be subject to theft. Gambling venues are often targets due to the large amount of money located on-site. In early January, it was revealed that the Landing Casino, a venue in Jeju, South Korea, was money. It wasn’t just a little bit of cash either, it was KRW14.56 billion, equal to over $13 million in USD.
The casino is the second largest in South Korea and is often home to huge poker events, like those produced by PokerStars and Triton. The property was panicking a bit for a few days after telling investors that more than $13 million was missing from the venue. An investigation was launched to try and figure out where the funds had gone.
What’s Going On?
A statement was provided to investors regarding the matter, with Wong Hoi Po, the Landing International Development Ltd. Executive director, stating that the company asked police to look for a female employee in charge of the cash.
The employee is Malaysian and was reportedly on holiday since the end of 2020. Police provided information that surveillance footage connected to the theft had been erased. However, officials were still working on trying to connect the dots to see who took the cash.
It appears the millions were taken during a seven to eight month time frame. According to various reports, the casino was unaware of the theft because the safe where the funds were located is usually full of cash.
Surprisingly, police were able to recover KRW12 billion ($10.9 million). The money was found at two different locations. The VIP room safe at the Jeju casino held a larger portion of the money. The remaining funds were found at a home where the female suspect had stayed in the past.
As police recovered the funds, it was found in new bills. The new money has officials considering that the female had accomplices. How many or who she may have been working with remains a mystery at this point.
If the money was moved in all 50,000-won bills, as it was found in the home, then it would have been very heavy to carry. The entire bulk of cash would have been close to 300,000 individual bills. According to police, this was over 280 kilograms in weight. Anyone would need help moving that weight in cash to another location other than the casino.
How the money was removed, why or what the plans were to do with the funds once on the run, remain unknown.
Reports continue to pop up online by news outlets that suggest where the suspect or suspects are as well as what happened. Gambling Insider has reported that the female employee and one accomplice have traveled overseas. They also say a third individual has stayed behind in South Korea.
Police do not have a clear lead, so they are considering every possibility in the case. There is no clear path as to where the remaining cash is. It could be that the female took it with her, if she is on the run, to be able to have funds at her disposal while traveling.
It is important to note that transportation is difficult at this time due to the coronavirus restrictions. Traveling out of South Korea via an airport or by boat will be difficult and could provide leads that police can use to capture those involved.