Law

Online loan shark gang found in HCMC, prosecuted

SGGP
A loan shark gang were arrested on charges of illegal loan-giving with annual interests at 240 to 810 percent which is much higher than permitted for civil transactions.
Specifically, the local police on the morning of March 04 performed an unannounced inspection at the apartment on Hoa Binh Street, Tan Phu District, where they apprehended seven suspects and seized 51 high-interest loan documents.
The Vietnamese arrestees were led by Nguyen Binh Tuan who ran a money-lending service through Facebook called "Homebank" with absurdly high interest rates.
Online loan shark gang found in HCMC, prosecuted ảnh 1 Members of the gang in police custody
Specifically, the local police on the morning of March 04 performed an unannounced inspection at the apartment on Hoa Binh Street, Tan Phu District, where they apprehended seven suspects and seized 51 high-interest loan documents.
The Vietnamese arrestees were led by Nguyen Binh Tuan who ran a money-lending service through Facebook with absurdly high interest rates.
Online loan shark gang found in HCMC, prosecuted ảnh 2 Items found at the scene
According to testimonies, Tuan and his gang members would verify the home address of any borrower and take their ID card, household book and other important documents as security. The sum is then wire transferred to the borrower and interest is collected every day.
The incident is under further investigations.

Chi Thach - Translated by Thao Nhien

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