Undercover Miss Hong episodes 11–12 recap: Slush funds stolen, identities exposed, and a powerful new alliance forms

Undercover Miss Hong has been increasing the tension in every episode, with the story set in late 1990s Seoul’s troubled economy. Originally, Keum-bo started an undercover operation under the identity of her younger sister to find out what was happening in an investment company that seemed suspicious.

But now it has become a deadly conflict that involves stolen money used for bribes (slush funds), people with secret identities, and shifting alliances. The main character, Keum-bo no longer has to act alone, and the danger surrounding her continues to grow.

The events of episodes 11 and 12 will change the direction of the series by revealing secrets and building unity among a few employees of Hanmin. Together, they're all working to expose Hanmin and the practices the company has been doing for a long time.

A detailed recap of the latest episodes of Undercover Miss Hong is right below.

Undercover Miss Hong episodes 11-12 recap: The slush fund operation and rising problems

In episode 11 of Undercover Miss Hong, we see Keum-bo and her closest ally, Bok-hee, putting a risky financial plan into action. Their goal is to secretly retrieve illegal funds that have been hidden away. To make this possible, No-ra deliberately keeps Song Ju-ran occupied so she won’t interfere.

At the bank, Bok-hee cleverly mimics Ju-ran’s voice over the phone to persuade the manager to approve the withdrawal. Keum-bo's quick thinking works as she wastes no time in moving part of the slush fund into the dorm.

Later, Keum-bo meets her superior at the Financial Supervisory Service, Yoon Jae-beom. She explains why she must continue undercover rather than return to her official position.

Meanwhile, Jung-woo’s corporate takeover plans with DK Ventures begin facing unexpected trouble. Thanks to the Yeouido Pirate Crew for exposing questionable information about the company’s activities.

Also Read: Undercover Miss Hong episodes 13-14: Release date news, time, streaming details, and more

Undercover Miss Hong episodes 11-12 recap: Secrets uncovered and alliances formed

A major turning point comes in Undercover Miss Hong when Albert Oh discovers that the seemingly inexperienced Jang-mi is actually the highly skilled supervisor Keum-bo. He confronts her, revealing that he too has been hiding his true intentions while quietly investigating matters himself.

And instead of reporting or exposing her, Albert joins forces with Keum-bo. By Episode 12, Albert officially joins Keum-bo’s side and cooperates with her and her other allies to bring down corruption at Hanmin Securities.

At the same time, Keum-bo wants to know the real person behind "Captain" of the Yeouido Pirate Crew. If she gets to know this anonymous person, Keum-bo might get help in disrupting Jung-woo's plan.

Undercover Miss Hong episodes 11-12 ending explained: Hanmin starts investigating the stolen slush fund

Suspicion immediately spread in Hanmin Securities as the executives started debating over whether the missing slush funds were stolen by someone within the company or by an outside force. Since Keum-bo is a fierce lady, she almost got herself exposed in front of Cha Joong-il.

Apart from this chaos and troubles, Keum-bo finds brief comfort at her parents' chicken shop. They had a birthday party, which gave Keum-bo a moment to feel happy and relaxed.

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