Nghe An police eradicated a loan shark gang with interest rates of 365%/year.

Previously, through the work of grasping the situation, the Criminal Police Department of Nghe An Provincial Police discovered a group of subjects with signs of violating the law related to the act of lending at high interest rates in civil transactions in many localities such as Nghe An, Ha Tinh, Hanoi, Phu Yen... Upon verification, the Police Agency determined that this was a group operating"black credit"Large-scale, organized loan sharking nationwide, with clear division of roles and responsibilities, led by two subjects Ngo Quang Duy (born in 1982), residing in Hong Bang district, Hai Phong city, and Vu Van Son (born in 1991), residing in Kien An district, Hai Phong city.

Ngo Quang Duy and Vu Van Son are notorious criminals with many complicated social relationships. Duy alone has two previous convictions for "Robbery" and "Gambling". Recently, these two individuals have joined together to establish a loan sharking ring with very sophisticated and aggressive methods.

Accordingly, the subjects used social networks to create a Fanpage "ALO co ngay" (ALO available now), publicly posting on cyberspace about loan content with the aim of approaching many borrowers in many provinces and cities across the country. When borrowers contact the subjects, they will directly or hire someone to go to the locality of the borrower to verify, and at the same time, ask the borrower to provide personal information before the transaction. The interest rate that the subjects lend to victims is up to 10,000 VND/1 million VND/day, equivalent to 365%/year.

In case the borrower has not paid the money yet, the subjects will call, send threatening messages, or come directly to the house to put pressure. Notably, the subjects give many reasons such as application fees; loan insurance; guaranteed interest to deduct from 20% to 30% of the total loan amount for the victim before disbursing the loan to the borrower's bank account without prior notice to the two. After that, every day, the borrower must pay the principal and interest by transferring money to the bank account designated by the subjects. The police agency determined that hundreds of victims were lured into borrowing money from the above subjects and most of them lost their ability to repay the debt after only a short time of borrowing money.

After collecting sufficient evidence, in early October 2024, the Criminal Police Department of Nghe An Province Police arrested two leaders of a loan sharking gang in civil transactions, Ngo Quang Duy and Vu Van Son, while they were hiding in an apartment building in Vinh City, Nghe An Province. During an urgent search of the suspects' residence, the police seized 4 mobile phones, 6 bank cards, and froze many bank accounts used by the suspects to commit crimes.

The initial investigation determined that from the beginning of 2024 until the time of arrest, the above group had lent nearly 100 people in different provinces and cities such as Nghe An, Ha Tinh, Hanoi, Phu Yen... an amount of more than 4 billion VND with high interest rates of up to 365%/year, illegally profiting hundreds of millions of VND.

The case is currently under further investigation./.