Chinese arrested in loan shark ring with over 500% interest

Da Nang police said Saturday 193 suspects - 154 in HCMC and 39 in the neighboring Binh Duong - have been transported to Da Nang for further investigation.

In November last year, Da Nang police set up a special case after discovering that some people borrowed money through apps with interest of over 500% a year. Those who didn't pay interest on time would be threatened and terrorized through text messages and phone calls.

After a period of investigation, authorities found a major loan shark ring operating in many localities and reported the case to the Ministry of Public Security, which prompted the Criminal Police Department to take action.

Wang YunTao, the leader of a loan shark ring busted by police in HCMC and Binh Duong. Photo by VnExpress/Thuan Van

At 9:30 p.m. on Jan. 11, 250 police officers raided the nine locations. Aside from arresting 193 people, the police also searched and confiscated 247 computers, 177 cell phones and blocked bank accounts worth thousands of US dollars.

The police identified Wang YunTao, 36, as the head of the ring. Wang and other Chinese suspects hired people to set up dozens of companies as a cover for loan sharking activities.