Do Luong police arrest 'black credit boss' lending interest rates up to 150%/month

From information provided by the people, Do Luong District Police discovered a number of individuals taking advantage of people’s lack of knowledge and legal loopholes to lend money at high interest rates in the style of “black credit”. Especially in Yen Son Commune, people are very upset about the loan sharking activities of a “boss” over 60 years old. That is Hoang Thi Huong (born in 1958), residing in Hoa Truong Hamlet, Yen Son Commune, Do Luong District.

This subject takes advantage of the economic difficulties of many people in the area to lend money for short-term terms.(from 10 to 30 days)with "cutthroat" interest rates from 25,000 VND/1 million VND/1 day to 50,000 VND/1 million VND/1 day.When the debtors fail to pay the interest due date, the subject often uses junk SIM cards to text, call, threaten, and curse the debtors to put pressure on them. If the debtors are no longer able to pay, the subject often demands to mortgage or transfer assets to clear the debt.

Do Luong District Police officers take statement from suspect Hoang Thi Huong. Photo: Binh Nguyen

Faced with the sophisticated and cunning activities of the subjects, the leaders of Do Luong District Police directed the working teams to quickly establish a case to stabilize the situation and help people live and work in peace.

Using professional measures, at 5:30 p.m. on July 28, 2021, the Task Force mobilized 15 officers, divided into three groups, to approach the residence of Hoang Thi Huong; caught Ms. Huong lending money to many people and paying interest. Searching Huong's house, they seized 01 mobile phone, 05 notebooks, and many other evidences related to illegal credit activities.

At the investigation agency, initially, the subject Huong was stubborn, refused to confess, gave only partial statements, and did not admit her crime. However, through professional measures and documents collected by the Investigation Police Agency, by 11:00 a.m. on July 29, 2021, Hoang Thi Huong bowed her head and confessed to all her crimes in order to enjoy leniency under the law.

Initially, Do Luong District Police proved that from the beginning of June 2021 until the time of her arrest, Hoang Thi Huong had lent 10 individuals a total of 2.5 billion VND with interest rates ranging from 25,000 VND/1 million VND/day to 50,000 VND/1 million VND/day.(equivalent to 912.5% ​​to 1,825%/1 year)). Initial evidence proves that Huong illegally profited more than 250,000,000 VND..

According to the Do Luong District Police investigator, Huong operates very sophisticatedly. Huong often conducts loan transactions over the phone, debtors who come to borrow and pay interest must call in advance to make an appointment; only when they feel safe will the subject meet to make the transaction; transaction time is usually from 5pm to 8pm every day. When giving and receiving money, Huong often has someone look out. All transactions take place indoors and Huong always locks the door to avoid detection by authorities.

Binh Nguyen