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South Taiwan business owner reports loan shark for 'not taking repayment'

Police crackdown forces loan sharks into hiding

File photo of bills being counted. 

File photo of bills being counted.  (CNA photo)

TAIPEI (Taiwan News) — A business owner in Tainan reported a loan shark for avoiding him and making him unable to pay off his debt, The Liberty Times reported.

The man had “stormed into” a police station angrily on Wednesday (March 23), accusing the loan shark’s “salesperson” of not picking up the phone and avoiding him. He was just one payment away from paying off his loan and thus anxious to get his promissory note back; he said this was the first time he had heard of a creditor running away from a debtor.

According to The Liberty Times, the Tainan police have been cracking down on loan sharks and patrolling online to find illegal loaning activity as many people had fallen victim to loan sharks’ traps on social media. Many “saleswomen” working for loan sharks would allegedly post alluring photos on dating apps and ask those who want to meet to first take out a loan.

However, the business owner who reported to the police was not such a victim. He told the police that he borrowed money from a loan shark to fund his business and had made all his previous payments in a timely manner.

He was cited as saying he did not care that his creditor was operating an illegal business; what bothered him the most was the fact that no one would take his repayment. He said the loan shark’s refusal to accept repayment is a form of a scam because the loan shark’s “lie” about taking his payment may result in his inability to get back his promissory note.

After hearing the details of the individual’s case, the police were not sure whether it actually constituted a scam. However, they forwarded the loan shark’s information to the investigative team, so it could track down the parties involved in the underground loaning activity.