Black credit group led by 'female monster' with interest rate of 450% per year

Threatening debtors

Through the work of grasping the situation, Vinh City Police discovered many groups of loan sharks in the area, notably the group led by Nguyen Thi Quynh Hoa (born 1976, residing in Nghi Dien commune, Nghi Loc district).

It is known that Hoa has two previous convictions for "Illegal drug trafficking" in 1999 and "Gambling" in 2012. After being released from prison for such crimes, Hoa still "returned to her old ways" and continued to violate the law.

Nguyen Thi Quynh Hoa is the ringleader. Photo: Quynh Trang

Hoa colluded with Nguyen Quoc Hoang (born in 1992, residing in Nghi Dien commune, Nghi Loc district) to lend money to people in need of money in the amount of 50 million to 200 million VND/transaction with interest rates from 10,000 VND to 15,000 VND/1 million/day, equivalent to 30% to 45%/month, 360% to 450%/year, 18 to 22 times the highest interest rate prescribed in Article 468 of the Civil Code and 3.6 to 4.5 times the base rate for criminal prosecution for the crime of usury in civil transactions prescribed in Article 201 of the Penal Code.

It is worth mentioning that there are cases of loans with interest rates of 25,000 VND/1 million/1 day, equivalent to 890%/year.

Subject Nguyen Quoc Hoang. Photo: Vuong Linh

In addition to having to pay such "exorbitant" interest rates, one of the conditions these subjects set out is that after a successful loan transaction, the debtors must take a photo of themselves holding the loan papers so that the subjects can keep a copy.

When debtors are late in paying interest or are unable to pay their debts, the subjects send people to threaten their families and relatives; continuously post photos and information on social networking sites, affecting the dignity and honor of individuals and families; some cases of late payment were beaten and injured by this group; some people were so scared that they fled the area; some people even took medicine to commit suicide because of threats and humiliation, but were fortunately discovered and treated in time.

Photos with full information of debtors are posted on social networking sites to terrorize them. Photo: Quynh Trang

Solve the case

Based on the collected information, Vinh City Police established Project 129L with Lieutenant Colonel Nguyen Huu Cuong, Deputy Head of the Investigation Police Agency, as Head of the Project to concentrate forces in the fight.

On December 18, 2019, the Investigation Committee decided to crack the case. The working groups implemented the Emergency Detention Order against Nguyen Thi Quynh Hoa for the acts of Intentionally causing injury and Usury in civil transactions.

An emergency search of Hoa's person and residence seized 4 debt books, 14 loan papers, 1 safe and 4 mobile phones containing data about loan sharking.

Documents and loan papers were seized by authorities at the suspects' homes. Photo: Vuong Linh

On December 19, 2019, the case was expanded to arrest Nguyen Quoc Hoang (born in 1992, residing in Nghi Dien commune, Nghi Loc district) for the act of lending at high interest rates in civil transactions.

Initial investigation results determined that this group of subjects lent money to over 50 people at high interest rates, illegally profiting about 3 billion VND. Currently, the investigation is being expanded.

Authorities announce that if anyone is a victim of this gang, please contact Vinh City Police immediately for handling in accordance with the law.