A man in his 20s who engaged in unregistered loan sharking and charged exorbitant interest rates has been sent to trial.
The Seoul Western District Prosecutors’ Office indicted a man in his 20s, identified as A, on charges of violating the Loan Shark Prevention Act and concealing criminal proceeds.
A is accused of lending a total of 10.5 billion won to 485 individuals without registering his loan shark business, starting from October 2021 and extracting 1 billion won in interest alone over three and a half years.
A allegedly concealed his criminal profits by receiving interest through the bank accounts of debtors to hide the fact that he was charging interest rates exceeding the legal limit.
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