▲ A traditional market in Seoul ahead of Chuseok
The Seoul Metropolitan Government announced that it will launch an intensive crackdown on illegal high-interest loans and unregistered lending targeting traditional market merchants and small-scale business owners ahead of the Chuseok holiday.
The Seoul Metropolitan Government's Judicial Police Service stated that it will conduct targeted investigations into illegal private financing centered around traditional markets for two months between September and October, a period when demand for short-term operational funds surges due to advance purchases of holiday goods and inventory securing.
Major targets of the investigation include high-interest daily installment loans exceeding the annual interest rate of 20% and unregistered money lending.
The crackdown will also target the deduction of upfront interest, collection of illegal fees, and illegal loan advertisements utilizing street business cards, online platforms, and social networking services (SNS).
In particular, investigative personnel will be intensively deployed to areas with dense traditional markets and commercial districts with high demand for holiday funds, such as Jongno, Jung-gu, Yeongdeungpo, and Dongdaemun-gu, while field intelligence gathering and crackdowns will also be carried out concurrently across all 25 autonomous districts.
Illegal loan advertisement leaflets will be collected immediately, and a "Daepo Killer" system that repeatedly calls the phone numbers used in the advertisements to paralyze communications will also be operated.
In cooperation with market merchant associations, public announcements will be broadcast and 20,000 copies of damage prevention guide leaflets will be distributed.
Reports on illegal private financing damage or criminal acts can be made through the Seoul Metropolitan Government Livelihood Infringement Crime Reporting Center, the "Seoul Smart Discomfort Reporting" app, and the Livelihood Economy Support Center (☎1600-0700).
A reward of up to 200 million won will be paid to those who contribute to the promotion of public interest by reporting with decisive evidence.
Lee Chang-seok, head of the Seoul Metropolitan Government's Judicial Police Service, said, "We are concerned about damages from ultra-short-term, high-interest daily installment loans targeting traditional market merchants and small-scale business owners who are facing tight financial conditions ahead of Chuseok," adding, "If you suspect damage or discover illegal loan advertisements, please actively report them."
(Photo provided by Seoul Metropolitan Government, Yonhap News)
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