Latvian tycoon arrested

On June 17, the Ho Chi Minh City Police Department prosecuted and temporarily detained Aigars Plivčs (Latvian nationality, 38 years old, residing in An Phu Ward, Thu Duc City) to investigate the act of lending at high interest rates in civil transactions.

Vụ 3 công ty cho vay nặng lãi ở TP.HCM: Bắt giam ông trùm quốc tịch Latvia - Ảnh 1. — Ho Chi Minh City police prosecuted and temporarily detained Aigars Plivčs

According to the Investigation Police Agency, this is the boss behind the loan websites tamo.vn and findo.vn, discovered by the police in April 2023.

The Investigation Police Agency said that the websites tamo.vn and findo.vn were established by Sun Finance Group (headquartered in Latvia), through three legal entities: Sofi Solutions Company, Digital Credit and Fincap VN to operate consumer lending in Vietnam.

These are electronic consumer finance lending websites, pre-programmed; customers only need to log in, fill in their full name, phone number, email address, monthly income, monthly expenses, ID card/CCCD number, account number, CCCD image, front image of themselves and the system will automatically process the loan without having to directly contact any staff of the lending party.

Customers can view their loan information by logging into tamo.vn, findo.vn or via the "tamo", "findo" applications on their phones.

Vụ 3 công ty cho vay nặng lãi ở TP.HCM: Bắt giam ông trùm quốc tịch Latvia - Ảnh 2. — Defendant Aigars Plivčs also hired someone to act as his legal representative to establish three companies.

At the police station, Aigars Plivčs confessed that he was an employee of Sun Finance Group headquartered in Latvia, the group that manages all lending activities through the two websites tamo.vn and findo.vn. Although he is not the legal representative, Aigars Plivčs is the executive director of all activities such as lending, debt collection, cost management, and human resources through department heads and division heads of the three companies. Aigars Plivčs has a 2% stake in Sofi Solutions Company.

Loan interest rate 1,379.7%/year

Aigars Plivčs admitted that all three companies operate together, participating in lending through two websites tamo.vn and findo.vn; in which Sofi Solutions Company acts as a consulting unit, Digital Credit Company and Fincap VN are consumer lending units even though they are not licensed.

Aigars Plivčs also hired legal representatives to establish 3 companies: Sofi Solutions, Digital Credit, Fincap VN.

Vụ 3 công ty cho vay nặng lãi ở TP.HCM: Bắt giam ông trùm quốc tịch Latvia - Ảnh 3. — Police searched the suspect's house

These companies were all directed by Aigars Plivčs to carry out usury in civil transactions. The lowest interest rate of these companies was 401.5%/year; the highest was 1,379.7%/year, 20 to 68 times higher than the highest interest rate allowed under the provisions of the Civil Code.

The total amount of illegal profits that the Investigation Police Agency has proven through working with 29 borrowers is 780 million VND.

This is an outstanding achievement of the Ho Chi Minh City Police force in preventing and repelling activities related to illegal credit that have caused public outrage in recent times, contributing to maintaining security and order in Ho Chi Minh City.

Quick view 8pm: Panoramic news on June 17

Previously, District 10 Police initiated a case, prosecuting 9 defendants, including directors, department heads, division heads, and team leaders of Digital Credit Trading and Service Company Limited, Fincap VN Company Limited, and Sofi Solutions Company Limited, for the crime of lending at high interest rates in civil transactions.

The people prosecuted include Nguyen Thi Tuyet Suong (55 years old, residing in District 10, Director of Digital Credit Company), Truong Tuan Tai (32 years old, residing in District 6, Director of Fincap VN Company), Dinh Thi Hong Loan (43 years old, residing in Thu Duc City, Head of Administration and Human Resources Department of Sofi Solutions Company) and 6 defendants who are also department heads of the companies.

According to District 10 Police, from April 2019 to now, 3 companies have disbursed more than 2 million loans, totaling more than 6,000 billion VND, earning more than 4,100 billion VND. The lowest interest rate in these places is 153%, and can be up to more than 1,200% per year, hundreds of times higher than the legal lending interest rate.

Previously, District 10 Police coordinated with many units of Ho Chi Minh City Police to raid the above 3 companies, seizing many related documents and exhibits.

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