9 loan-sharks arrested for cut-throat interest
Truong Ngoc Tinh, 31, and his accomplices distributed leaflets and online advertisements for rapid loans among street vendors and lottery ticket sellers at 30 to 40% interest per month.
Truong Ngoc Tinh at a police station in Ho Chi Minh City. Photo courtesy of the police.
On Wednesday, Tinh, a native of Vinh Long province, and eight people were arrested by Ho Chi Minh City's police for providing civil loans at a heavy interest rate.
According to the investigation, Tinh led and ordered the gang to advertise on Facebook, Zalo, and distribute flyers promoting extremely fast loan services.
Borrowers in this group include low-income individuals who are not eligible for bank loans, such as street sellers, lottery ticket vendors, and motorbike taxi drivers.
Customers simply need to send a photo of their ID card and household registration to Tinh's team to borrow less than VND10 million ($430). The interest is paid daily or monthly at a rate of 30-40%.
If the borrower fails to pay on time or flees, Tinh's team would chase them down and coerce them into repayment. The gangsters even terrified the borrower's relatives and friends, forcing them to pay instead.
Initially, the investigative agency discovered that the group had offered loans to over 1,000 people across the city.
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