Gold Bars: The 1992 Myeongmok-dong Gold Bar Scandal
Soppan-sik, the protagonist of the 1992 Myeongmok-dong gold bar incident. How had he amassed so much gold? The source of the funds was none other than company money. Using a ghost company, he'd siphoned off a staggering 1.5 billion won in cash and vanished. Everything went according to plan—until an unexpected problem arose: the sheer volume of cash.
Stashing it at home was too bulky and risky. Depositing it in a bank under a false name wasn't ideal either, with rumors of the financial real-name system swirling. After agonizing for days, Soppan-sik hit on a creative idea. He converted every last bill into gold bars and hid them in the bathroom wall. Then, putting his expertise to use, he sealed it perfectly with cement. It was flawless camouflage no one could have imagined.
Creditors, employees, acquaintances, the National Tax Service, and Seoul's tax office all slapped liens on him—but with no assets on paper, they couldn't seize a single ten-thousand-won bill. He'd meticulously arranged deliberate debts. The law was powerless.
Soppan-sik, who'd clawed others' money through every dirty trick, lived ruthlessly—yet met a wretched end. While hiking Dobong Mountain, he tumbled off a sheer cliff. Skull fracture. Dead. His life seemed over.
But endings are new beginnings. His wife, unaware of the gold, sold the Myeongmok-dong house right after the funeral. The new owner hired contractors for renovations. When the worker smashed the bathroom wall, over 200 gold bars came tumbling out.
Stunned only briefly, the greedy contractor pocketed the glittering bars and faced his biggest dilemma yet. Clutching them, he wrestled with temptation. Reason lost to greed. Assuming the owner would never have authorized the work if he'd known, the contractor stuffed them into bags and slipped away. Perfect—so far.
The trouble came next. Blinded by the gold, he made the worst choice: after days of dithering, he hauled all 200-plus bars to Jongno 3-ga to cash them in. No ordinary person could possess that much gold. The suspicious pawnshop owner reported it, unraveling the whole scheme.
How did Min-ho know? In his previous life, he'd started at JK Credit Info—and his first assignment was Soppan-sik's debt. Clueless back then, he'd given up like Deputy Oh. Later, the news enraged him, but recovery was impossible.
Now, Min-ho was the informed veteran, a second rookie. With one swing of the sledgehammer, he'd exposed Soppan-sik's hidden slush fund to the world. Finally able to collect, Min-ho nodded with a smile.
Soppan-sik, meanwhile, stared in devastated disbelief at the unimaginable scene. "No... this can't be real. It must be a dream."
Min-ho lifted a gold bar and approached slowly. "We wondered where that 1.5 billion embezzled went. All right here. At 800,000 each, it adds up perfectly."
"Th-that... that's not mine. No way."
"Really? It's under the homeowner's name—your wife's. Trace the funds' origin, and whose money is it?"
"That must be what that bitch did. How should I know?"
"Perfectly concealed. You saying an ordinary person did this?"
"Uh... anyway, not me."
His excuses grew feebler. He couldn't lose the gold. Brazen, Soppan-sik blustered, "Steal that gold, and it's theft. You two trespassed too. My buddy's the station chief. Prison's just a matter of time."
Min-ho patted his shoulder leisurely. "You think so?"
Silence blanketed the living room. Then, echoing footsteps. The door opened; Min-ho greeted warmly. "Right on time."
Choi Jong-hoon the lawyer, three legal team staff, and the essential bailiff entered. To Soppan-sik, they were grim reapers. Trembling like an aspen, he shook his head in denial—but this was stark reality.
Choi scanned the room. Young master seems fine. What happened? Smiling Min-ho. Panicked Soppan-sik. Dazed Deputy Oh. Scattered tools. Bizarre.
He asked Deputy Oh, "Hey, Deputy Oh Seong-deok, what's going on?"
"Huh? Well... Min-ho..." Deputy Oh stood blankly in the corner, as if unhinged.
Min-ho nodded toward the bathroom. All eyes followed.
-Lawyer, what's that?
-No way... all gold?
Gold bars filled the wall, stunning them. Choi dropped his papers.
Min-ho signaled; they stepped into a side room. Choi whispered urgently, "Young master, how?"
"As you see. All Soppan-sik's."
"You smashed the wall yourself? How'd you know?"
"Details later. You called everyone?"
"Yes, arriving soon."
"Seize before it gets messy."
"Understood."
Back in the living room, Choi faced raging Soppan-sik. "Get out, you thugs!"
Calmly, Choi handed over papers. "Seizure order secured from court. Creditor JK Credit Info proceeds on debtor Soppan-sik's total 120 million won debt."
"No! Who are you to—!"
"Seized items will be liquidated; excess over debt returned."
Choi nodded; seizure began under the bailiff. The team moved efficiently.
"It's all mine! Who are you to take it?!"
Foaming, he thrashed—but outnumbered by burly men, an oldster stood no chance. Gloved staff carefully extracted bars.
Soppan-sik collapsed, wailing, "This communist bullshit—stealing like this? I'll report you all. Prepare for jail!"
Min-ho showed the bailiff's document. "Movable property seizure record. Object? Get a lawyer."
15 bars worth 120 million went into bags. Bailiff finalized and handed the record; done.
"Lawyer, complete."
"Good work. Head out."
"Yes, sir."
Exhausted, white-tracksuit Soppan-sik glared. "I'll watch you enjoy every penny with my own eyes."
"Not thrilled? Process as lost property?"
That would worsen it—possible full confiscation. His greed for free milk and papers had cost dearly.
Min-ho smiled leisurely, eyes full of contempt. "At least guard the rest."
"Get out! I don't wanna hear it! Out of my house!"
"Chasing glory, huh... Busy day ahead anyway."
"................"
"Came empty-handed, so loaded up on gifts."
Min-ho eyed Choi, who checked his watch and nodded. Footsteps echoed again—heavy, many.
Door opened. Five suited men entered. Soppan-sik knew them. "You... why here?"
National Tax Service Investigation Bureau. Choi's call brought Junior Manager Im Seong-hyeon, grumbling for a handshake. "Senior Jong-hoon, long time."
"Still punctual as ever."
"Why drag us here? No money from this guy."
"Missed our faces? Got a gift for you."
"I'm busy. Cut the jokes."
"Look—plenty there."
Choi pointed to the bathroom. Even hardened investigators gaped at the gold horde.
"All... gold?"
"Should cover back taxes."
"How'd you find it, senior?"
Choi nodded smugly, glancing at Min-ho. "Big-shot rookie joined our firm."
"A rookie did this? You expect me to buy that?"
"Details over drinks later. I'm off."
Tax agents loathed salt-throwing Soppan-sik. Post-inspection, they seized methodically.
-National Tax Service Investigation Bureau, Im Seong-hyeon. Per National Tax Collection Law, seizing in-kind from Soppan-sik.
Rotten trees need uprooting. Min-ho's gifts were just starting. He strode to the door, flinging it wide. Unpaid employees and vendors climbed the stairs.
"Even personal creditors?"
"Some, but not expecting this crowd."
"Gifts aplenty, then. Seoul tax office soon too."
Furious creditors stormed in, awed by the gold. Next: brutal collar-grabs.
-You scam bastard!
-Die today! No money? Hiding this?
-Knew something when JK called. Met your match.
Result irrelevant to Min-ho. He ignored Soppan-sik's neighborhood-shaking screams, gathered tools, and headed to the hardware store.
"How'd it feel when I called them?"
"Figured something. Confirms residence even if bust."
"Didn't expect tax office too."
"All uni mates, seniors, juniors. Easy."
Setting down the cutter, Choi asked, "Young master, one question."
"How I knew about the gold?"
"Yes."
Slinging the sledgehammer, Min-ho quipped plausibly, "He kept glancing at the bathroom."
"So you brought tools and smashed it?"
"Yeah. Restore if wrong. No big deal."
"Never imagined that."
"Brute force works sometimes. Be right back—tool return."
Min-ho entered with tools. Newspaper-reading owner beamed. "Kid, punctual as a clock."
"Promises are made to keep."
"Uncle's flowerbed sorted well?"
"Tools fit like a glove."
"My stock's got that grip."
Owner set down paper, stood. "Sorry for glaring earlier. Old man's worry—don't hold it."
"Makes sense. All good."
Rummaging pockets, he offered cash. "Here's our deal."
"No, sir. You trusted me with tools. Never planned to take it."
"Makgeolli round okay, then?"
"Plenty. Farewell."
"Come anytime."
Tools returned, Min-ho left with gold-laden bag, heading to the office.