The gang used a "trick" to double the amount the debtor had borrowed and was forced to repay, then pretended to be a high-ranking official to offer a "favor" of reducing the interest rate to gain the debtor's trust and get them to pay.
The Lao Cai Provincial Police, in coordination with the professional departments of the Ministry of Public Security and the police forces of Hanoi, Da Nang, and Ho Chi Minh City, raided and arrested 41 people involved in a usurious lending ring.
Le Tuan Anh lent Ms. G. 35 million VND, and just over two months later, Ms. G. had to pay interest amounting to over 112 million VND.
The loan shark group, consisting of more than 10 people, lent money at interest rates as high as 75% per month, equivalent to 900% per year, and in less than a year, they illegally profited nearly 10 billion VND.
Since the beginning of 2023, Lam moved from Hanoi to Rach Gia City to engage in illegal lending activities, offering "daily installment loans" and "standing loans" with interest rates as high as 365% per year.
Three young men from Thanh Hoa province rented accommodation in Da Nang to operate an illegal lending business. If debtors were late in repaying their loans, their personal images would be digitally altered and posted on social media.
Loan shark organizations charge interest rates as high as 1.000% per year, and it is precisely because of these exorbitant rates that many groups default on their loans.
A group of people in Bien Hoa City lent money to many victims at high interest rates, then threatened and robbed debtors if they were late in repayment or failed to repay.
During questioning at the investigative agency, Dao Tuan Anh confessed to lending money to more than 30 people at interest rates ranging from 10.000 to 15.000 VND per 1 million VND per day, equivalent to an annual interest rate of 360% to 540%.
After lending 10 million VND but being unable to collect the debt, Pham Van Truong (from Hanoi) arranged a meeting and hired others to assault the debtor, causing injuries.
Four individuals engaged in usurious lending, threatening borrowers with insults, paint, and fish sauce, have been charged with extortion by the District 3 Police in Ho Chi Minh City.
After numerous unsuccessful attempts to collect the debt, Do Tuan Anh and Do Sy Toan were assigned by their "superiors" to go to the debtor's house to spray paint and psychologically terrorize them.
Police have just dismantled a group of individuals from Ha Nam and Hanoi provinces who were operating a usurious lending business in Phu Yen, charging interest rates of 400-800% per year.
Minh and Linh, originally from Hanoi, were operating an illegal lending business in Da Nang, lending money to over 100 people at exorbitant interest rates ranging from 182,5% to 268,5% per year. They were subsequently arrested by the police.
On October 5th, Ho Chi Minh City Vice Chairman Ngo Minh Chau signed a document addressed to relevant units regarding strengthening measures to prevent, deter, and handle illegal lending activities.
The police in Dien Chau district (Nghe An province) have arrested Nguyen Thi Chi Anh for the crime of usury in civil transactions.
On September 25th, the Criminal Police Department of Quang Nam Provincial Police announced that they had dismantled a ring organizing football betting and illegal lending.
Loan shark gangs in Ho Chi Minh City are demanding that borrowers provide nude photos and videos, threatening to post them on social media and send them to the borrowers' parents and friends if they fail to repay the loan.
Illegal lending is infiltrating industrial zones and export processing zones in more discreet and sophisticated forms, therefore decisive and thorough solutions are urgently needed.
The Prime Minister requested the State Bank of Vietnam to strengthen inspections of the operations of credit institutions and e-wallets to prevent individuals from colluding to engage in "loan sharking" activities.
According to statistics from the State Bank of Vietnam, credit growth across the entire economy in the first seven months of this year was lower than in the first six months.
While collecting installment payments on National Highway 51 (Dong Nai province), a group of people specializing in illegal lending were arrested by the Bien Hoa City Police.
The loan shark group charged interest rates of 360% per year, forcing debtors to provide information and take nude photos and videos as collateral.
Since the beginning of the year, Ho Chi Minh City Police have detected and handled 133 cases involving 206 individuals related to illegal lending activities and dismantled 27 illegal lending applications.
Hoa Binh police have arrested a group of loan sharks who extorted money by throwing foul substances at people's homes, and in some cases even beating and drowning borrowers.
The three suspects lent money to hundreds of people at exorbitant interest rates of 3.000-5.000 VND per 1 million VND per day, thereby illegally profiting hundreds of millions of VND.
The Ha Nam Provincial Police are implementing a comprehensive set of measures to vigorously combat illegal lending activities, investigating and prosecuting offenders.
On May 29th, the Criminal Police Department of Ho Chi Minh City Police initiated a criminal case, indicted and temporarily detained 11 people for further investigation and processing regarding the crime of extortion.
The Tan Binh District Police have just dismantled a loan sharking ring that charged interest rates exceeding 300% per year, without requiring collateral or paperwork.
From April 2019 to April 2023, three finance companies in Ho Chi Minh City disbursed loans totaling over 2 million transactions, amounting to more than 6.072 billion VND, and illegally profited over 4.123 billion VND.
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