CAN THO – Authorities in Can Tho City have dismantled a significant illegal lending operation, arresting two individuals accused of loaning out approximately 15 billion VND (nearly $590,000 USD) at exorbitant interest rates. The suspects allegedly amassed illegal profits totaling 3.8 billion VND (around $150,000 USD) from their predatory scheme.
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| The two suspects, Son and Ho. |
The arrests, announced by the Can Tho City Police Department, are the culmination of an extensive investigation into illicit financial activities that have trapped numerous victims in crippling debt. The two suspects, whose identities have not yet been fully disclosed pending further investigation, are now in custody and facing serious criminal charges.
According to preliminary findings, the pair operated a sophisticated loan sharking network targeting individuals and small business owners facing financial hardship. They offered quick, collateral-free loans, which appeared attractive to those unable to secure credit through legitimate banking channels. However, these loans came with interest rates reported to be many times higher than the legal limit stipulated by the State Bank of Vietnam.
"The suspects' method was to exploit the vulnerable," stated a spokesperson for the investigation team. "They created a cycle of debt that was nearly impossible to escape. Victims who failed to make the exorbitant weekly or monthly payments were often subjected to threats and intimidation tactics to force repayment."
The investigation revealed that over a period of time, the suspects issued a cascade of loans amounting to 15 billion VND. From these illicit activities, they successfully laundered and profited 3.8 billion VND, causing significant financial and psychological harm to their victims. During the raid, police confiscated numerous documents, loan contracts, ledgers, and other evidence related to the illegal operation.
This case highlights the ongoing nationwide crackdown on "black credit" (tín dụng đen), a persistent issue in Vietnam. These illegal lending operations undermine social order and economic stability, often leading to personal bankruptcies, property loss, and even violent confrontations.
Authorities have confirmed that the investigation is ongoing to identify any potential accomplices and to assist the victims. The two primary suspects are expected to be prosecuted under Vietnam's Penal Code for the crime of "usury in civil transactions," which carries severe penalties, including substantial fines and potential imprisonment.
The successful operation has been praised as a significant step in protecting the citizens of Can Tho from predatory financial practices and reinforcing the rule of law.
