Two loan sharks arrested
Tran Manh Cong and Dao Xuan Son opened a loan shark business disguised as a pawn shop, illegally profiting more than 400 million VND.
On November 8, Cong and Son were prosecuted by Duc Tho District Police for the crime ofUsury in civil transactions, according to Article 201, Penal Code 2015.
|
Suspects Son (26 years old, left) and Cong (35 years old). Photo:CA |
According to the investigation, Cong and Son opened a pawn shop in Trung Le commune (Duc Tho district), from October 2018 to November 2019, they lent money at an interest rate of 292% per year. Customers borrowed one million VND in principal and had to pay 8,000 VND in interest each day. The interest rate above is 13 times higher than the maximum rate in civil transactions.
Police allege that the loan shark business disguised as a pawnshop run by two young men lent billions of dong to many people, illegally profiting more than 400 million dong.
In early November, based on a citizen's complaint, Duc Tho District Police searched the pawnshop owned by Cong and Son, seizing many documents related to loan sharking.
