Police raid, destroy loan shark ring led by Chinese tycoon

The Investigation Police Agency of Da Nang City Police said that it has just coordinated with the Criminal Police Department (Ministry of Public Security) and local police such as Ho Chi Minh City and Binh Duong to destroy a loan sharking and property extortion ring run by Wang YunTao (35 years old, Chinese nationality).

Specifically, on the morning of January 11, more than 250 officers and soldiers of Da Nang City Police, the Criminal Police Department, Mobile Regiment No. 29 of the Ministry of Public Security (in Ho Chi Minh City) coordinated with the Criminal Police force of Ho Chi Minh City Police and Binh Duong Provincial Police to simultaneously raid 9 locations of this gang's activities in Binh Duong and Ho Chi Minh City.

Police arrested Wang YunTao and others involved in this ring, including 154 people in Ho Chi Minh City and 39 people in Binh Duong.

Wang YunTao, the leader of the loan sharking ring. (Photo: Provided by the police)

Through searching the locations, the police seized 247 computers of various types, 177 mobile phones, 8 motorbikes, more than 180 million VND, frozen tens of billions of VND in bank accounts and many related exhibits.

On January 13, those arrested in Ho Chi Minh City and Binh Duong province were transferred to Da Nang city to serve the investigation.

Initially, the police determined that Wang YunTao and another Chinese person hired Vietnamese people to set up dozens of companies with different business lines, but in fact this was just a cover to cover up their loan sharking activities.

Each company group is assigned different tasks, from building and promoting loan apps, finding customers, lending and debt collection.

People who work for companies operating loan sharking. (Photo: Provided by Police)

When borrowers do not pay interest on time, the subjects combine images, send messages, and make phone calls to threaten and terrorize the debtors and their relatives, forcing them to pay.

Previously, through understanding the situation, the Criminal Police Department of Da Nang City Police discovered that some people borrowed money online through Apps with interest rates of up to 500%/year, so they established an investigation project.

During the verification and investigation process, the Criminal Police Department discovered a large-scale criminal network in many localities.

From the report of Da Nang City Police, the Ministry of Public Security directed the unit to coordinate with the Criminal Police Department and local police including Ho Chi Minh City and Binh Duong to fight and solve the case.

The case is currently being investigated and handled by the Criminal Police Department of Da Nang City Police in coordination with relevant authorities.

CHAU THU

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