The scammers targeted 9,120 financially vulnerable migrant workers, who were unfamiliar with Korea’s banking system. -- PHOTO: BUSAN METROPOLITAN POLICE AGENCY
BUSAN (The Korea Herald/ANN): An illegal loan ring operated by a Korean father-son duo, which lent a total of 16.2 billion won (US$11million) to more than 9,000 foreign workers at interest rates as high as 154 per cent a year, has been busted, Busan police said on Nov 24.
The Busan Metropolitan Police Agency said it has referred six members of the ring to the prosecution – three with detention and three without – for violating the Registration of Credit Business and Protection of Finance Users Act.
