Law

Quang Nam Police arrests six people in loan shark ring

SGGP
The Police Department and the Division of Cyber Security and High-Tech Crime Prevention and Control in the central province of Quang Nam on September 27 announced it has broken up a loan shark ring offering loans at extremely high interest rates up to 480 percent per year.
Quang Nam Police arrests six people in loan shark ring ảnh 1 Usurers at the police office (Photo: SGGP)
The police said they had arrested six suspects, including Ha Van Dong, 24, Hoang Ngoc Phuoc,21, Le Van Tu, 20 from Thanh Hoa Province who ran a ring ; Pham Huu Quang, 23 from Thanh Hoa, Tran Van Vinh, 29 and Doan Trung Binh, 23 from Ninh Binh Province ran their own rings.
They lived in a rental house in Quang Nam Province’s Tam Ky City since 2020 and provided loans worth over VND5 billion for high interest rates from 20-40 percent per month, equivalent to 240-480 percent per year for more than 100 debtors. Each borrower can borrow VND10 million but receive only VND8 million. The debtor has to pay VND12.5 million within 25 days.
The case is under further investigation.

By Nguyen Cuong – Translated by Kim Khanh

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