Quang Nam police uncover illegal loan sharking ring

Quang Nam Police have identified three Chinese suspects involved in operating a loan sharking ring with interest rates of 2,346% per year, with an estimated over one million people borrowing VND20 trillion ($845.3 million).

After a month-long investigation, 45 people were detained for charging exorbitant lending interest for civil transactions, property theft, and Illegally transporting goods and currency across the border, Quang Nam province's Police said on Monday.

According to authorities, the ring involved multiple groups that organized transnational activities under the management of 11 leaders, including the three Chinese nationals. Forty nine Vietnamese people have also been identified in the case.

The group offered loans mainly through apps like Great Vay, Abc Tien, cashGo, Like Tien and Vi Dong with an interest rate of 2,346.4%/year. The Great Vay app alone loaned money to over one million Vietnamese people.

Authorities estimate that from December 2020 to July 2023, the ring loaned out VND20 trillion ($845.3 million), earning illicit profits of over VND8 trillion ($338.2 million); and laundered and transfered VND5 trillion ($211.3 million) in illicit profits out of Vietnam. This was done through dozens of "ghost companies" and used thousands of bank accounts.

In early July, after searching three intermediary payment companies, 28 locations and questioning dozens of people, authorities blocked 11 real estate transactions worth over VND70 billion ($2.96 million), blocked 88 bank accounts, and seized more than 100 computers and phones.

Quang Nam Police have advised victims of the above apps to contact the investigative agency of the Quang Nam Police on 0905.492.892 for further information.