Unregistered Loan Brokerage: Man in His 40s Faces Trial for Brokering 10 Billion Won and Pocketing 700 Million Won in Fees

A man in his 40s has been brought to trial after operating an unregistered loan brokerage business and collecting hundreds of millions of won in fees from debtors.

Yonhap News

The Criminal Division 4 of the Seoul Western District Prosecutors' Office (Chief Prosecutor Song Inho) announced on the 14th that the man, identified as A, in his 40s, has been indicted without detention on charges of violating the Loan Business Act and the Act on Regulation of Concealment of Criminal Proceeds.

From May 2022 to November 2023, A is accused of brokering loans totaling approximately 10 billion won for 583 people and collecting about 700 million won in fees.

Previously, in 2023, A was referred to the prosecution for brokering a loan of about 27 million won for a debtor and illegally receiving a fee of 1.84 million won.

The prosecution noted that this was not a one-off operation but rather a repeated and habitual business, and launched a direct supplementary investigation to determine the full scale of the offenses.

The prosecution analyzed about one and a half years’ worth of A’s account transaction records and confirmed that A repeatedly received fees from an unspecified number of people, totaling 692 transactions, according to a set rate.

The prosecution has initiated procedures to recover approximately 280 million won in criminal proceeds ultimately obtained by A.

A prosecution official emphasized, "We will respond strictly to illegal private lenders who evade the supervision of the authorities and take unfair profits from financially vulnerable groups."

This content was produced with the assistance of AI translation services.