Vinh City Police Arrest Loan Shark

Previously, through the work of grasping the situation, the Economic Police Team (Vinh City Police) discovered that the subject Lo Thi Trang, residing in block 16, Le Loi ward (Vinh city) had many signs of violating the law related to "black credit".

Taking advantage of the fact that some people needed to borrow money, Lo Thi Trang carried out the act of lending money at high interest rates in civil transactions.

When the interest payment deadline comes and the borrower fails to pay on time and is unable to continue paying the interest, Lo Thi Trang frequently calls to curse, pressure, and threaten, forcing the borrower to continue paying. The subject's behavior causes outrage among the masses, affecting the security and order situation in the area.

Faced with that situation, the Economic Police Team, Vinh City Police, established a special project to fight.

After collecting documents and evidence and implementing synchronous professional measures, at about 10:35 a.m. on May 27, 2024, the Economic Police Team (Vinh City Police) successfully broke the case, arrested Lo Thi Trang for the act of lending at high interest rates in civil transactions, as prescribed in Article 201 of the Penal Code; seized many papers and documents related to lending at high interest rates.

At the police agency, through the initial investigation, the subject Lo Thi Trang confessed to having conducted loan sharking activities from the beginning of 2023 until now.

The subject lent money to a number of individuals at interest rates ranging from 356%/year to 1216.67%/year (26 to 80 times higher than the highest interest rate allowed under the provisions of the 2015 Civil Code), with a total loan amount of nearly 1.5 billion VND, illegally profiting a total of over 500 million VND.

Currently, the Vinh City Police Investigation Agency has detained Lo Thi Trang and continues to investigate and expand the case.