Caught red-handed loan sharks with interest rates up to 160%/year
Due to late payment compared to the contract, Ms. K. was fined by Lam with double interest (from 3,000 VND to 6,000 VND/1 million/day).
On the afternoon of January 14, at a coffee shop in Trieu Son town, Trieu Son district, the Criminal Police Department of Thanh Hoa Police caught Dao Xuan Lam (born in 1975, in An Nong commune, Trieu Son district) red-handed lending money at high interest rates in civil transactions.
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| Subject Dao Xuan Lam and evidence of the case |
Searching the residence of Dao Xuan Lam, the police seized dozens of files and papers related to mortgages and loan sharking.
Information on the Thanh Hoa Provincial Police Portal said that, according to the investigation results, in early July 2018, Ms. D.TK (Xuan Khang commune, Nhu Thanh district) borrowed 150 million VND from Dao Xuan Lam with an interest rate of 3,000 VND/1 million/day and mortgaged 1 land use rights certificate.
On January 14, Dao Xuan Lam asked Ms. K. to pay both principal and interest up to 292 million VND. Due to late payment compared to the contract, Ms. K. was fined by Lam with double interest (from 3,000 VND to 6,000 VND/1 million/day).
Thus, Lam lent money to Ms. K. at an interest rate ranging from 109-160%/year. In addition to Ms. K’s case, the police discovered at this subject’s pawn shop many other files and papers related to usury.
Currently, the case is under investigation and expansion.
