Nearly 100 police surrounded the gang of loan sharks

Khanh HoaNearly 100 policemen simultaneously raided 6 locations of Nguyen Manh Cuong’s high interest loan line, 52 years old, seizing a large amount of money, gold…

On 9/11, Cuong and 6 accomplices were detained by Khanh Hoa Police and investigated for their behavior Lending heavy interest in civil transactions.

Loan shark 360% a year

Police searched the house of Cuong and his accomplices in Nha Trang. Video: An Phuoc

Three days ago, many forces from Khanh Hoa and Nha Trang City Police divided into working groups and stormed into the residence of Cuong’s group.

Police seized more than 200 million VND, 4,000 USD, 8,500 Canadian dollars, many gold, bank cards, phones, cars, motorbikes and 3 cartons containing more than 800 documents recording the lending activities of this group.

According to the investigating agency, Since 2017, Cuong gathered many juniors to open a standing loan line – the debtor has to pay interest on a daily basis, keeping the original and unlimited borrowing time; or form of installment – borrowers must pay both principal and interest on a daily basis, with a loan period of no more than 27 days. The lowest interest rate borrowers have to pay is 30% per month, equivalent to 360% per year.

This group posted many articles online and printed thousands of leaflets to advertise their activities and invite customers.

When someone contacts him to borrow money, Cuong’s juniors will come to his home or work to check information. Borrowers must leave ID card, driver’s license, household registration book, red book, portrait photo and write a loan letter as credit. If the debtor is late to pay, they seek to threaten, psychologically threaten, or post pictures and spread defamatory leaflets to pressure to pay.

Nguyen Manh Cuong while working with the police.  Photo: An Phuoc

Nguyen Manh Cuong while working with the police. Photo: An Phuoc

The investigative agency is clarifying the role of each person in the gang, and at the same time expanding the case, finding more victims.

Xuan Ngoc

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