President Yoon Suk Yeol on Thursday called for efforts to eradicate illegal loan operations and harsher punishments to end such practices.

In a meeting held at the Financial Supervisory Service’s center for illegal private finance victims, Yoon called for legal revisions to protect victims, while also seeking stricter sentencing standards.

About 20 people, including field officials, victims of illegal loan practices, victim counselors and National Police Agency investigators attended the meeting.

The South Korean president also raised the need to track and recover all profits made by loan sharks, while calling on the National Tax Service to take measures to ensure that all profits obtained through such illegal practices are found.

Yoon said illegal money-borrowing has recently spread online, with a growing number of young people falling victim to such practices.