Annual interest rate 4000%, 1900 victims... Illegal loan shark gang arrested
The police have apprehended a group operating an illegal loan business, charging annual interest rates as high as 4000%.
On the 29th, the Gwangjin Police Station in Seoul announced that they had sent 15 members of the organization, including A, a man in his 30s who was the head of the loan company, to prosecution without detention on charges of violating the Loan Business Act and the Electronic Financial Transactions Act.
From July 2022 for one year, they provided small loans ranging from 100,000 to 500,000 won to debtors and increased the interest rates. They also demanded nude photos from women. The illegal interest collected through these methods amounted to 1.6 billion won.
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The police explained that the confirmed number of victims exceeded 1,900, ranging in age from their 20s to their 50s.
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