Prosecute and arrest 'black credit' subjects with interest rates of 3,000 VND/1 million/day

Nghe An Police Investigation Agency has just issued a decision to prosecute the case and prosecute the suspects Dang Chu Minh Duc (born in 1981, residing in Hung Phuc ward, Vinh city) and Ho Ba Cuong (born in 1993, residing in Dien Truong commune, Dien Chau district) for the act of "Lending at high interest rates in civil transactions".

Accordingly, through the work of grasping the situation, the Criminal Police Department of Nghe An Police discovered a "black credit" group whose transactions were all conducted via software on the internet. It is worth mentioning that although the group mainly operated in Vinh city, it attracted many "debtors" from all districts in Nghe An province.

Subject Ho Ba Cuong. Photo: Quynh Trang

The initial investigation determined that the subjects used the pawn management application to commit the crime. The application displays items such as unsecured loans, lottery, store management, etc. The unsecured loan contract section displays the following information: Customer name, loan amount, loan interest rate, loan date, interest paid, payment date, next interest, etc. There are many loans with interest rates from 3,000 - 5,000 VND/1 million/day. Borrowers will have to pay interest for 15 to 30 days.

The leader of this group is Dang Chu Minh Duc. Duc created accounts and created many "stores" on the software with a cash fund of more than 5 billion VND. After that, he assigned Ho Ba Cuong to manage the software and find customers. The two remaining subjects in the group responsible for "debt collection" are Nguyen Van Tu (born in 1990) and Le Duc Manh (born in 1995), both residing in Dong Vinh ward, Vinh city, Nghe An.

Subject Dang Chu Minh Duc. Photo: Quynh Trang

On May 30, 2020, Nghe An Police Department arrested and urgently searched Dang Chu Minh Duc and Ho Ba Cuong for the act of "Lending at high interest rates in civil transactions".

The authorities seized Dang Chu Minh Duc's software management account with a current loan amount of 3 billion VND. Through the results of the account statement, the authorities determined that nearly 100 people borrowed money from the subject and his accomplices with an interest rate of 3,000 VND/1 million/day. At the same time, they clarified 19 people who borrowed with a total amount of more than 500 million VND, the amount of illegal profit was nearly 400 million VND.

Currently, the Nghe An Police Investigation Agency has issued a decision to prosecute the case and prosecute Dang Chu Minh Duc and Ho Ba Cuong for the act of "Lending at high interest rates in civil transactions". The remaining two subjects are on the run from their place of residence. The authorities are currently focusing on capturing the two subjects to handle them in accordance with the law.