Police Arrest 1,553 Illegal Lenders as Gift Certificate Repayment Scheme Emerges

South Korea’s National Office of Investigation said on May 14 that police arrested 1,553 people and detained 51 during a special crackdown on illegal private lending from last November through this April. The number of arrests rose 19.0% from the same period a year earlier. Of 1,923 victims, 999 were in their 20s and 30s, accounting for 52.0%. Police also uncovered groups using new tactics, including lending money and forcing borrowers to repay it with gift certificates. Busan police detained three people accused of demanding high interest since August 2024 and filing complaints claiming gift certificate fraud when borrowers failed to pay, then seeking settlements. Police also arrested 82 brokers linked to so-called self-rescue loans involving mobile phone openings or appliance rentals for resale. Source: rss.donga.com