Thua Thien Provincial Police

On January 27, Thua Thien - Hue Provincial Police said that the Cyber Security and High-Tech Crime Prevention Department had coordinated with the Criminal Police Department and other professional units to successfully dismantle a loan sharking ring, with loans totaling up to 35 billion VND.

Authorities arrested Luong Hoang Nhat Nam (28 years old, residing in Vy Da Ward) and Huynh Van Truong Phat (28 years old, residing in Thuan Hoa Ward, both in Hue City).

Công an tỉnh Thừa Thiên - Huế triệt phá đường dây cho vay nặng lãi gần 420%/năm- Ảnh 1. — Luong Hoang Nhat Nam is the suspected leader of a loan sharking ring with an interest rate of nearly 420%/year.

According to police records, since 2020, Nam and Phat have been advertising lending activities on social networks with the content of low-interest loans, quick disbursement, no appraisal required, loans with maximum limits, bad debt support... However, when calculating interest, this group took from 3 - 11.5 million VND/day, equivalent to an interest rate of 109.5% - 419.75%/year.

Nam and Phat used software to manage loan contracts, as well as calculate interest rates and debt reminders; at the same time, they used tricks to divide the loan interest into 2 contracts, and divide the interest into many different fees to avoid detection by authorities.

In addition, during the lending process, if the debtors do not pay on time, this group will hire people to threaten and follow them home to collect the debt.

Searching two locations where Nam and Phat were operating loans in Hue City, the authorities discovered and seized 1 car, 39 computers, phones, cameras of various types, many bank accounts... and 2 boxes of GPS devices along with some documents related to lending activities.

According to the initial investigation, from 2020 to the time of arrest, Nam and Phat had established more than 2,000 loan contracts, with a loan amount of up to 35 billion VND, illegally profiting over 7 billion VND.

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