Martial arts teacher in Nghe An opened a billion-dollar black credit line

Nghe An Police Department of Criminal Police has just prosecuted the case, prosecuted the accused, and detained Pham Ngoc Sy (born in 1986, residing in Dien Ky commune, Dien Chau district) to investigate the act of "Lending at high interest rates in civil transactions".

In early 2020, through the work of grasping the situation, Team 2, Criminal Police Department (Nghe An Police) discovered in Dien Chau district a line with signs of loan sharking activities. During the initial verification process, the Criminal Police Department discovered that the leader of this line was Pham Ngoc Sy.

Subject Pham Ngoc Sy

During the investigation, Sy had many sophisticated and cunning activities and had many tricks to deal with the authorities to conceal his crimes. The subject himself had relationships with many prominent criminals in the area.

Accordingly, realizing the need for people to borrow money and the profits from loan sharking, with his connections, Sy organized "black credit" loans with high interest rates from 3,000 - 5,000 VND/1 million/1 day, equivalent to 108 - 180%/1 year.

To serve his business, Sy hired a number of trusted juniors who were notorious criminals in the area. Sy himself was good at martial arts and opened many martial arts classes in the area. On his personal Facebook page, Sy often posted pictures of martial arts classes to both promote his reputation and to put pressure and intimidate his customers. For debtors who did not pay when the due date came, Pham Ngoc Sy called to threaten and intimidate them.

From 2019 until his arrest, Pham Ngoc Sy had lent 2 billion VND to 20 people in Dien Chau district. Photo: Anh Quan

After collecting sufficient evidence and documents, at the end of May 2020, the Criminal Police Department issued an order to urgently detain Pham Van Sy at his private home in village 7, Dien Ky commune, Dien Chau district for the act of "loan sharking in civil transactions". During the investigation and emergency search of the residence, the Task Force seized 2 sports guns; 3 knives and swords of various types; 2 mobile phones; 4 notebooks with the content of lending money and paying interest, bank money and nearly 95 million VND in cash.

Initial evidence shows that from 2019 until his arrest, Pham Ngoc Sy had lent 2 billion VND to 20 people in Dien Chau district, illegally profiting more than 500 million VND. Those who came to Sy to borrow money had to pay exorbitant interest rates.

The investigation is being expanded to clarify the victims in this network.