A debt of 400,000 won… One year later, “Pay back 700 million”

Can you believe that a loan of 400,000 won will grow to a debt of 700 million won in just one year?

A murderous usury organization has been uncovered, charging late fees by the hour rather than by the month.

There was no blood or tears enough to use even a picture of a newborn baby for blackmail. 

This is reporter Kang Kyung-mo. 

A text message with a picture of a newborn baby attached.

‘Pay back the money’, ‘don’t talk’ is a threat.

This is the message received by a man in his 40s who borrowed money from an illegal lending company called the so-called ‘Chief Kang Organization’.

[Male in his 40s / Victim]
“I gave birth to twins at a later age, and even threatened them. It’s a really pitiful picture of the kids wearing masks in an incubator.”

The debt, which was initially 400,000 won, increased to 690 million won as interest was added to overdue interest over a year.

It was to the point of contemplating even the extreme choice of a murderous ring.

[Male in his 40s / Victim]
“My wife says the child is babbling. How can I die? Hearing that sound, how can I die.”

If you borrow 100,000 won, you have to pay back 200,000 won with interest of 100,000 won a week later. If payment is not made within a week , a late fee of

200,000 to 300,000 won per hour will be charged.

The current legal maximum annual interest rate is 20%, but Chief Kang’s organization has been bitten up to 5,000%.

A woman in her twenties was lured by an illegal ad that said ‘Anybody in arrears, anyone can get a loan’, and she had to face blackmail.

[Female Victim]
“Can’t you just wait a little bit? I’ll pay the late fee.”

[Criminal gang member]
“No. You’re hot because it’s late afternoon. The afternoon is 60 (ten thousand won), and the morning is 20 (ten thousand won) and 80 (ten thousand won). It’s ten thousand won.”

[Female Victim]
“The late fee alone is 1.1 million won? No. This is too much메이저놀이터.”

There are 131 confirmed victims, most of them job seekers and housewives in their 20s.

On the other hand, the 29-year-old general manager Jang-mo, who led 120 members of the organization and engaged in illegal usury, lived in a luxury apartment with a monthly rent of 18 million won and rode a high-end sports car.

The police asked to report to the Financial Supervisory Service or the police in case of illegal collection damage.

This is Kang Kyung-mo from Channel A News.

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