Prosecutors have demanded a six-year prison sentence in an appellate trial for a group of illegal private moneylenders who reaped exorbitant annual interest rates of up to 18,000% by lending small amounts of emergency cash and forcing repayments in gift certificates.

During the appeal sentencing hearing held today (Nov. 6) for a man in his 30s identified as A by the Criminal Appellate Division 5-1 of the Suwon District Court, the prosecution asked the court to sentence him to six years in prison, the same as the sentence demanded in the lower trial.

The prosecution also demanded a six-year prison sentence for an accomplice, a woman in her 40s identified as B, who was indicted for violating the Loan Business Act and harboring a fugitive.

A and the others were brought to trial on charges of generating illegal interest profits between January and May by using a gift certificate advance-sale scheme, where they provided small emergency loans and then demanded repayment in higher-value gift certificates when the payment deadlines arrived.

During this period, they lent approximately 230 million won across 348 instances to victims, applying annual interest rates ranging from 240% to 18,000% to pocket about 87.16 million won.

A is also accused of repeatedly making threats when gift certificates were not received by the promised date, and falsely filing complaints with the police against 39 victims for fraud, claiming they took the money without handing over the gift certificates.

B assisted in managing funds and ledgers, and provided A with a mobile phone and a hideout when A went on the run.

Their crimes came to light through a police investigation after a woman in her 30s who had borrowed money from A was found dead in a motel in Dongdaemun-gu, Seoul, on April 1.

The first-instance court sentenced A, who had been detained and indicted, to three years in prison, and sentenced B to one year in prison before taking her into legal custody.

Following the ruling, both the prosecution and the defendants appealed, citing unfair sentencing.

During today's trial, the defense counsel appealed to the court for leniency, stating that the defendants were reflecting on their crimes.

The attorney for A requested, "Please take into consideration that the defendant deeply repents for his wrongdoing, and although the death of the victim—which sparked the investigation—is regrettable, the transaction with the deceased had already been fully repaid and concluded, and thus is not included in the facts charged."

In his final statement, A choked up and said, "I am truly sorry to those who suffered damage due to my wrongful actions." B also stated, "I am sorry for causing social concern," adding, "I will strive until the end to restore recovery for the victims."

The appellate sentencing for this case is scheduled for 10:00 AM on December 23.

(Photo: Yonhap News)