Man lending money at 'exorbitant' interest rates in Nghe An arrested

The Investigation Police Agency of Tuong Duong District Police (Nghe An) has just issued a decision to prosecute the case and prosecute the defendant Vang Van Huyen (born in 1964, residing in Canh Trap village, Tam Thai commune, Tuong Duong district) for the act of usury in civil transactions.

Recently, through investigation, the District Police discovered that in Tam Thai commune, many households went bankrupt, had to sell all their houses and leave their residence in an unusual way.

Subject Vang Van Huyen. Photo: Quynh Trang

Meanwhile, some subjects in the area have shown signs of financial irregularities, suspected of "black credit" activities, among them is Vang Van Huyen (born 1964), residing in Canh Trap village, Tam Thai commune.

Through investigation, it was determined that Huyen was unemployed and had no stable source of income, but had good economic conditions, a high standard of living, and owned many valuable assets. Huyen's sources of income and assets were obtained from the profits from lending money to others at high interest rates.

Although he had been operating loan sharking for a long time, he used extremely sophisticated tricks to deceive the authorities. Accordingly, every time someone came to borrow money, Huyen would agree in advance and handwrite two pieces of paper. Of which: 1 paper was kept by the borrower but only reflected the loan amount and interest rate according to the bank. The paper kept by Huyen showed the loan amount and interest rate of 5,000 VND/1 million VND/1 day.

Illustration photo

At the same time, Huyen also kept a debt book to collect monthly interest payments. If the victim did not pay the interest on time, the subject would call to threaten and terrorize the victim many times. Fearing danger to their lives, many complaints were sent to the Tuong Duong District Police.

After a period of investigation, on March 28, 2020, the District Police successfully broke the case, arrested and urgently searched the residence of Vang Van Huyen; seized many documents and evidence related to the subject's loan sharking activities.

At the investigation agency, the subject admitted his crimes, confessing that he lent money at high interest rates of 5,000 VND/1 million VND/day.

During the investigation, the Investigation Committee initially clarified that the amount of money Vang Van Huyen lent in civil transactions was more than 256 million VND and illegally profited more than 80 million VND.

Currently, the case is being further investigated./.