Arrested two loan sharks with "exorbitant" interest rates of 268.5%/year

Hai Chau Military Police, Da Nang temporarily detained Duong Phan Quoc Minh (27 years old), Phung Quang Linh (24 years old, both residing in Son Tay, Hanoi) to investigate the act of usury.

Hai Chau District Police determined that Minh and Quoc had many suspicions related to illegal credit activities. Urgently verifying and consolidating evidence, the police agency executed an emergency arrest warrant and temporarily detained these two young men for investigation.

Searching the suspects' residences, the police seized many exhibits, documents, and electronic data related to loan sharking activities.

At the police station, Minh and Linh initially confessed that they went from Hanoi to Da Nang to operate loan sharking.

From March 2023 to present, through the form of distributing leaflets and posting advertisements on social networking sites for quick loans, both have lent money to more than 100 people in Da Nang at high interest rates.

Depending on the circumstances and needs of the borrower, both offer interest rates from 182.5-268.5%/year or with many loan packages of 35-50 days and multiple maturity, with the lowest loan amount being 5 million VND/person and the highest being 30 million/person.

Up to the time of his arrest, Minh had lent about 90 people 700 million VND, Linh had lent about 30 people hundreds of millions of VND.

Currently, the Investigation Police Agency of Hai Chau District Police has issued an order to arrest the detainee in an emergency and temporarily detain the two subjects to serve the investigation and handling.