Police have launched an investigation into an online illegal private lending ring known as "Manager Lee" (이실장), which has been offering ultra-high-interest loans of up to 6,800% annually and engaging in illegal debt collection practices.
According to police on Wednesday, the National Investigation Headquarters of the Korean National Police Agency recently designated the Metropolitan Crime Investigation Unit under the Seoul Metropolitan Police Agency as the special investigation unit for cases related to Manager Lee.
The Financial Supervisory Service issued a consumer alert at the "warning" level on December 29 after reports of damages related to Manager Lee surged. According to the FSS, a total of 62 reports related to Manager Lee have been filed with the illegal private lending damage reporting center. Of these, 45 reports were filed in January and February alone this year. Among the victims, those in their 20s and 30s accounted for 72.6% (45 people), while residents of the Seoul metropolitan area made up 53.2% (33 people).
Manager Lee is known to have dealt in ultra-short-term, ultra-high-interest micro-loans with an average loan amount of 1 million won, a loan period of 11 days, and an annual interest rate of approximately 6,800%. In the process, the ring reportedly demanded personal information as collateral, including handwritten IOUs with the victim's face, identification documents, and family contact information.