Prosecution of the subject lending money at an interest rate of 1825%/year

The Investigation Police Agency of Vinh City Police (Nghe An) has just issued a decision to prosecute the case and prosecute the accused Ho Viet Phuong (born 1995), residing in Hung Binh ward, Vinh city, for the crime ofLoan sharkingin civil transactions.

In late 2023, Vinh City Police received information from the public about Ho Viet Phuong's behavior of lending money at high interest rates in the style of "black credit". Immediately after receiving the information, Vinh City Police focused their forces on verifying and clarifying.

Applying synchronous professional measures, consolidating evidence and documents, on December 16, 2023, Vinh City Police issued an emergency arrest warrant for Ho Viet Phuong, confiscating 1 mobile phone, some documents and other related evidence.

At the police station, in front of documents and evidence from the investigator, Ho Viet Phuong confessed his crime. Accordingly, taking advantage of the economic difficulties of some local people, Ho Viet Phuong lent them money with simple loan procedures, without collateral, but with high interest rates. Among them, some people borrowed with interest rates from 11,500 VND/1 million VND/1 day to 50,000 VND/1 million VND/1 day (equivalent to interest rates of 419.8%/1 year to 1825%/1 year).

The subject often conducts loan transactions over the phone. If the borrower does not pay interest on time, Phuong will add the interest to the principal to continue calculating interest or threaten the borrower to pay both principal and interest.

Initially, the Vinh City Police Investigation Agency proved that from June 2023 to the time of arrest, Ho Viet Phuong lent Mr. Tr.CQ (born 2007), residing in Quan Bau ward, Vinh city, a total amount of 192,900,000 VND, illegally profiting 38,814,274 VND.

Currently, Vinh City Police are continuing to investigate and expand the case.