Dismantling a black credit gang lending at interest rates from 505% to 805%/year
Lending at high interest rates, the members of this black credit gang illegally profited more than 2.8 billion VND.
On the afternoon of October 19, the Ho Chi Minh City Police Investigation Agency announced that it had issued an emergency arrest warrant for three suspects: Pham Thai Minh (Minh Den) (born in 1986, residing in Thanh Da residential area, Ward 27, Binh Thanh District); Tran Thi Thanh (born in 1995, residing in Van Ninh Commune, Mong Cai City, Quang Ninh Province); Nguyen Van Khoan (born in 1984, residing in Kim No Commune, Dong Anh District, Hanoi City) for the crime of "Lending money at high interest rates in civil transactions". As for Le Nguyen Hoang Oanh (residing in Ward 27, Binh Thanh District, Ho Chi Minh City), because she has a small child, she will be dealt with later.
To eradicate this gang, the Criminal Police Department, Ho Chi Minh City Police Department has established a special project.
According to the Investigation Agency, Minh Den used Facebook and Zalo websites with the nickname Minh Den to regularly post advertisements about lending activities with the content: F86 Finance Company provides consumer loans and installment loans with slogans such as "Loan within the day", "Call for money"... with hotline numbers: 0901638432, 0917540463 for borrowers to contact.
When a customer in need of a loan calls, Minh and his accomplices will consult, then send someone to survey the borrower's company, house, and assets, appraise the documents, sign a contract, and disburse the money through the bank account provided by the borrower.
Borrowers pay in installments from 12 to 19 consecutive days the principal and interest, collected 1 day in advance, with interest rates from 505%/year to 805%/year, 20 to 40 times higher than the law, collecting service fees from 2 million VND to 2.5 million VND depending on each loan agreement.
Within 10 consecutive installment days, if the borrower is unable to pay the installment and wants to pay off and borrow again, he/she must pay 1 installment day, pay service fee and pay interest on the remaining installment days of the previous installment series.
The interest rate is 519.24%/year, 178.57 times higher than the law. If the first time borrower pays interest and principal on time, the second time will be lent money without having to evaluate the documents and assets.
With the above tricks, the subjects illegally profited more than 2.8 billion VND.
The subjects frequently changed their residence to provinces such as Dong Nai, Hau Giang, and Quang Ninh. In addition to arresting the subjects, the investigation agency also seized 8 mobile phones and many documents related to the loan activities.
The Criminal Police Department of Ho Chi Minh City Police continues to coordinate with the professional departments and the police of the provinces and cities to investigate the related subjects to handle them according to the law.