Pawn loans with "cutthroat" interest rates

July 29, 2022 18:30

On July 28, the People's Court of Binh Giang district brought defendant Nguyen Quoc Minh (born in 1968, in Hoa Loan village, Nhan Quyen commune, Binh Giang) to trial for the crime of lending at high interest rates in civil transactions.


Trial of defendant Minh (photo provided by Binh Giang District People's Court)

Minh opened Ngoc Minh business in Hoa Loan village, specializing in repairing and selling motorbikes. At the same time, he also operated loan sharking in the form of pawnbroking.

Between November 29, 2021 and March 9, 2022, Minh lent Mr. Tran Dinh H., in Binh Xuyen commune (Binh Giang), VND 200 million with an interest rate of 108.3 - 109.5%/year; Mr. Nguyen Tien D., in Dong Quang commune (Gia Loc) lent VND 10 million with an interest rate of 202.78%/year. The total amount of illegal profits Minh earned was nearly VND 47 million.

Minh was sentenced to a fine of 120 million VND and all illegal profits were recovered.

DT

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Pawn loans with "cutthroat" interest rates