Borrowing from creditors at high interest rates to pay off... the same creditors.
On the afternoon of July 21, the Office of the Criminal Investigation Agency of the Da Nang City Police issued a decision to initiate a criminal case, indict the suspect, and impose a travel ban on Vo Thi Que Chi (born in 1987, residing in Hoa Cuong Bac ward, Hai Chau district) for investigation and prosecution regarding the crime of "Fraudulent appropriation of property".
The investigation revealed that from late 2018 to early 2019, Chi borrowed money from several acquaintances for business purposes, including a 200 million VND loan from Mr. HQV (a classmate of Chi's husband) at an interest rate of approximately 4% per month. By the end of 2019, Chi suffered business losses and became unable to repay the principal and interest to Mr. HQV and others.
To repay the ever-increasing debts due to compounding interest, Chi provided false information, claiming she needed money to refinance a bank loan, in order to secure large loans from Mr. HQV and her former colleague, Ms. THL. Trusting her, Mr. V and Ms. L did not verify who Chi intended the money to refinance or which bank.
The Investigation Police Department of Da Nang served the decision to prosecute Vo Thi Que Chi as a defendant.
According to the police, between the end of 2019 and November 2022, Chi repeatedly borrowed money from HQV through bank transfers or cash, totaling 9.8 billion VND.
Similarly, Chi also borrowed a total of 8.3 billion VND from Ms. THL. Instead of using the borrowed money to repay bank loans as agreed, Chi used most of it to repay the principal and interest to Mr. HQV, Ms. THL, and several other individuals. Specifically, Chi used the borrowed money to repay 6.925 billion VND in principal and nearly 1.985 billion VND in interest to Mr. HQV; and 3.656 billion VND in principal and over 3.45 billion VND in interest to Ms. THL.
In other words, of the approximately 18.1 billion VND debt she received from Mr. HQV and Ms. THL, Chi used nearly 16 billion VND to repay the principal and interest to these two individuals. Chi only used a small portion of the remaining amount for personal expenses and to pay off other debts. Currently, Chi is no longer able to repay the remaining debt to the two individuals mentioned above.
The Investigation Police Department of Da Nang City has determined that Vo Thi Que Chi's fraudulent act in borrowing money constitutes the crime of "Fraudulent appropriation of property." The case is still under investigation and processing.
