Busting a loan shark ring in Ho Chi Minh City

On February 9, the Ho Chi Minh City Police Department issued a decision to prosecute and temporarily detain Le Xuan Thanh (born in 1968, residing in District 7), Do Phuong Thao and Le Thi Hanh for the crime of Usury in civil transactions.

According to the police, in June 2023, Thanh, Thao and Hanh organized loan sharking in District 7, in the form of installment loans and standing loans. Thanh was the one who invested and managed the loans. Hanh and Thao were responsible for finding borrowers, checking their residence information, reminding them to pay their debts and collecting the money.

Loan shark group arrested by police (Photo: Provided by police).

The minimum loan amount is from 3 to 20 million VND. For installment loans, the interest rate is calculated at 20%/24 days, the application fee is from 300,000 to 500,000 VND; for standing loans, the interest rate is calculated at 1.5%/day, the borrower must pay interest daily. When the principal is paid off, no more interest will be paid and the loan is considered to have been fully paid.

Before 7pm every day, the borrower must go to Thanh's house to pay the money or Thao and Hanh go to the borrower's place to collect the money. In addition, the borrower can transfer money to Thanh.

If the borrower fails to pay on time, this group will call or come to the borrower's house to curse.

The police have identified 10 people who borrowed money from Thanh. Thanh has illegally profited more than 103 million VND.

Through investigation, Thanh, Thao and Hanh admitted to all their crimes. Thanh stated that since he started lending money, he has used about 350 million VND for more than 40 borrowers, earning 180 million VND; Thao has earned more than 22 million VND; Hanh has earned 15 million VND.

Source: https://dantri.com.vn/phap-luat/danh-sap-duong-day-cho-vay-nang-lai-o-tphcm-20240209132045535.htm