Illegal Debt Collection Driving Single Mom in Her 30s to Death... Police Arrest 30s Male Loan Shark

Violation of Debt Collection Act Charges
8 People Arrested for Lending Accounts

An illegal loan shark has been arrested in connection with the case of a woman in her 30s, who was raising her 6-year-old daughter alone and died after suffering from illegal debt collection by the loan shark.

On the 16th, the Jongam Police Station in Seoul announced that they had arrested a man in his 30s, Mr. A, on charges of violating the Loan Business Act and the Debt Collection Act. Additionally, eight others who lent their mobile phones and bank accounts used for debt collection were booked without detention on charges of violating the Electronic Financial Transactions Act.

Mr. A is accused of lending money to a woman in her 30s, Ms. B, at an annual interest rate of several thousand percent, and when Ms. B failed to repay, he threatened her by sending abusive text messages to people around her. It is known that Ms. B died last September after suffering from illegal debt collection.

The police secured notes and a will written by Ms. B before her death, listing the names of the loan sharks and the amounts borrowed, and have been investigating whether the loan sharks threatened Ms. B during the collection process.

A police official stated, "We plan to promptly identify and arrest additional accomplices who engaged in illegal debt collection against the victim, and to conduct a strict investigation into illegal loan sharks and debt collection activities."