Chinese arrested for lending services with interest of over 500%
VOV.VN - Police operating in Da Nang said on January 13 that they have co-operated with their counterparts in Ho Chi Minh City and the southern province of Binh Duong to bust a major loan shark ring headed by a Chinese national, whilst also arresting a total of 192 suspects.
The mastermind behind the ring was identified as Wang YunTao, 36.
According to the police, the Chinese suspect had hired several Vietnamese people to establish dozens of companies operating in different fields.
These companies were headquartered in Da Nang, Ho Chi Minh City, and the southern province of Binh Duong offered cash advances via smartphone apps with extremely high rates.
Debtors were then forced to pay an interest rate of up to 500% per year.
For those who are unable to clear their debts, their friends and relatives would be threatened by debt collectors.
On January 11, police in Ho Chi Minh City and Binh Duong raided nine locations where the subjects were operating illegal business.
They arrested a total of 192 suspects, seized 247 laptops, 177 mobile phones, more than VND180 million, and other exhibits at the scene.
All of the suspects were then transported to Da Nang for further investigation.
