Illegal private lending cases quadruple in four years
The National Investigation Headquarters of the Korean National Police Agency said Wednesday it plans to deploy dedicated investigators to 105 police stations nationwide with high illegal private lending caseloads.
The number of illegal private lending cases surged more than fourfold in four years, rising from 1,362 in 2021 to 5,519 last year.
Police launched a special crackdown in November last year and arrested 2,060 suspects through June this year, but new criminal methods continue to emerge, making a stronger response necessary. Victims are disproportionately young adults in their 20s and 30s entering the workforce for the first time, as well as day laborers and other vulnerable groups.
The dedicated investigators will handle not only investigations but also harm-limitation measures — suspending phone numbers and bank accounts used in crimes and removing illegal debt-collection posts that spread personal information online.
Police are also pushing to amend the Moneylenders Act to allow undercover operations in illegal private lending cases, and will step up joint enforcement with the Financial Supervisory Service and other relevant agencies.
"Illegal private lending is an exploitative financial crime that holds ordinary people's economic lives — and their futures — hostage," National Investigation Headquarters chief Hong Seok-gi said. "We will pursue perpetrators to the end so that no one profits in any way from illegal private lending."
arin@heraldcorp.com
