Authorities in Huế have recently dismantled a loan sharking ring that charged interest rates of up to 530% per year, sparking public concern.
According to initial investigations, the suspects operated their lending activities via social media and online platforms, advertising quick loans with simple procedures and no collateral required.
Taking advantage of borrowers in urgent need of money, the group imposed actual interest rates far exceeding legal limits, along with numerous additional fees.
After disbursing the loans, if borrowers failed to make timely payments, the suspects would repeatedly call and send threatening messages, exert psychological pressure, and even harass the victims’ relatives, friends, and colleagues to force repayment.
Authorities have determined that the ring provided loans to many individuals involving large sums of money, earning billions of VND in illegal profits.
During searches, police seized various documents and electronic devices related to the case for further investigation.
Hue detective, the case is currently under further investigation and will be handled in accordance with the law.