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Due to new documents, the People's Court of Quang Nam province decided to postpone the trial of 40 defendants in a loan sharking ring worth more than VND20,000 billion.
On March 22, the People's Court of Quang Nam province announced that it had just decided to postpone the trial of three Chinese defendants, including Lu Wang (born in 1987), Li Xiao Hu (born in 1983), Wu Jian Chao (born in 1982) and 37 Vietnamese defendants who acted as accomplices, assisting the three Chinese defendants in leading a loan sharking ring with a total amount of more than VND20,000 billion.
According to the People's Court of Quang Nam province, due to new documents, the panel of judges decided to postpone the trial (scheduled to take place from March 20 to 22) to clarify and will reopen the trial on April 23 and 24.
According to the indictment, in 2018, Lu Wang, Li Xiao Hu, Wu Jian Chao and many other Chinese nationals (who have now left Vietnam) came to Vietnam to organize loan sharking activities through mobile phone applications or website links created by them.
To conceal their loan sharking and illegal profits of extremely large sums of money, Chinese subjects hired many Vietnamese people to establish dozens of “ghost” companies to recruit staff and organize loans for more than 1 million people nationwide. The cycle applied to each loan package is 7 days with interest rates ranging from 38% to 45% (equivalent to interest rates from 1,981% to 2,346%/year).
The subjects used thousands of bank accounts to transfer money back and forth for the purpose of "money laundering", then illegally transferred money out of Vietnam using "virtual money" to buy USDT on the Binance exchange and illegal money transfer channels.
Investigation results determined that from 2018 until the time of its destruction (July 2023), the subjects had lent money at high interest rates with a total amount of more than 20,000 billion VND, organized "money laundering" and transferred illegal profits out of Vietnam with an amount of more than 5,000 billion VND.
It is expected that the People's Court of Quang Nam province will try the first phase of the case with 40 defendants, then try the second phase with 70 related defendants.
TH (according to VTC News)
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