Illegal ”money lender” arrested in South Korea after lending 500,000 won and demanding ”2.8 million won” the next day

An illegal money lender in South Korea who was running a business that charged interest of 167,900% per year was arrested.
"We arrested three people, including the ringleader in his 30s, on charges of violating the Right Recovery Act," the agency said. They ran an unregistered and illegal money lending business and bilked 220 million won (approximately 25.21 million won) from 92 people.
They are accused of lending 2,230,000 won (about 59,000 yen) a year on average to the victims they contacted through online advertisements and receiving 560 million won (about 64.17 million yen) in interest.
They lent money at interest rates of 4% and up to 167,900% per year. Furthermore, they lent 500,000 won (about 57,300 yen) to a debtor the next day, and the debtor received 2.8 million won in former money and interest.
They also continued to illegally collect the debt by calling the victim's family, friends, and coworkers.
Sasang Police Station has requested internet money lending agencies to remove their advertisements and is carrying out procedures to report damage caused by illegal money lending agencies.
We requested the relevant agencies to improve the system so that the process would be simplified.